Current

Revised

□ Statutory taxation period for international transaction

ㅇ International transaction

- Transaction between a resident and non-resident

〈 Newly inserted 〉

ㅇ Statutory taxation period

- Fraud and other unlawful activities: 15 years

- Failure to file taxes: 7 years

- Under-filing of taxes: 5 years

□ Introduction of the concept of offshore transaction and extension of the statutory taxation period

ㅇ International transaction → Offshore transaction

- (Same as left)

- Transaction of overseas assets and services between residents

ㅇ Extension of statutory taxation period

- (Same as left)

- Failure to file taxes: 7 years → 10 years

- Under-filing of taxes: 5 years → 7 years