Recent Developments

On June 15, 2026, Lee & Ko hosted a seminar on “Competition Law Trends & Precedents”.
 
In the seminar, which was held both online and offline, Lee & Ko’s experienced and specialized antitrust and competition law experts and attorneys analyzed and explained the decisions and implications of major antitrust cases.
 
In the first session, Lee Sung-kyu, a senior expert, presented the theme of "Recent Fair Trade Policy and Law Enforcement Trends." Based on the Lee Jae-myung administration's national affairs and the FTC's 2026 work report, the actual policy implementation and law enforcement trends over the past year were summarized, and based on the decisions, investigations, and judgments related to the fair trade case, the FTC's future law enforcement trends were forecast and implications and corporate countermeasures were presented.
 
In the second session, Jeongyoon Choi (Partner) examined the policy and regulatory trends of the new administration and the Korea Fair Trade Commission (KFTC) under the theme of “Recent Enforcement Trends and Implications in the Franchise Sector.” In particular, key takeaways were drawn from a number of recent KFTC decisions in the franchise area. In addition, the session provided a detailed review of the Supreme Court’s reasoning in the Pizza Hut case, where franchisees’ claims for restitution of unjust enrichment were recognized, and in the Mom’s Touch case, where such claims were dismissed. Based on these analyses, the session highlighted key considerations for reviewing and refining business models in the Korean franchise sector going forward.
 
In the third session, Byongki Chung (Partner) delivered a presentation on 'Key Precedents in Antitrust and Competition Law.' He explained major antitrust precedents from the second half of 2025 and the first half of 2026. These included the Naver Shopping judgment—the first leading case regarding a platform operator's self-preferencing behavior; the Supreme Court ruling that recognized the Fair Trade Commission's authority to sanction collusion among shipping lines; and the Supreme Court decision clarifying that the practice of using multiple affiliates to win public land bids and subsequently transferring them (so-called 'bee-swarm bidding') cannot be definitively concluded as an unfair support activity.
 
We are also pleased to announce that Attorney Giusung Oh (former judge and former KFTC Hearing Officer and Commissioner), who joined Lee & Ko on June 1, 2026, will present at our next seminar. We look forward to your continued interest and participation.

Lee & Ko LLC held the "IFA Korea Monthly International Tax Forum" on Thursday, May 28, 2026, in collaboration with IFA(Chairman: Park Hun, Vice President of the University of Seoul).
 
Under the main theme of "Recent Issues in Transfer Pricing Practice," this forum was attended by more than 70 participants, including international tax experts from major law firms and accounting firms, academics, and association members. The forum participants engaged in in-depth discussions regarding the latest transfer pricing trends and practical issues.
 
In the emergency diagnostic session, Foreign Attorney Kyu-Bin Kang of Lee and Ko delivered a presentation on the topic of "California Corporate Tax Reform and Korean Companies." This session covered the key details of the corporate tax reform currently being pursued in California, its impact on Korean companies operating there, and key implications that need to be reviewed in practice.
 
The first session was conducted in a Fireside Chat format under the theme of "Practical Trends in MAP/APA related to Transfer Pricing." Steve Minhoo Kim, a senior Foreign Attorney at Lee and Ko, served as the moderator, while the panelists included Partner Hye-jin Jeon of Samil PwC, Managing Director Ju-won Park of Deloitte, CPA Jae-seok Park of Kim & Chang, and Senior Managing Director Sang-hoon Kim of KPMG. Focusing on Mutual Agreement Procedures (MAP) and Advance Pricing Agreements (APA), this session broadly covered operational trends in the practice environment where both the number and complexity of cases are increasing, the strategic selection and utilization of each procedure, and issues that practitioners must be aware of during consultations with tax authorities.
 
The second session was held under the theme of "Case Studies on DEMPE Regulations."  Partner Philje Cho of Lee and Ko delivered the presentation, while Managing Director Dong-Hoon Ha of EY Korea, Foreign CPA Tae-Hyung Kim of Yulchon LLC, and Attorney Si-Won Hur of Yoon and Yang participated in the panel discussion. Focusing on recent practical cases regarding the functional analysis of the Transfer Pricing Guidelines' DEMPE (Development, Enhancement, Maintenance, Protection, Exploitation), this session engaged in the discussions on Function, Asset, and Risk (FAR) analysis in intangible asset transactions, criteria for determining economic ownership, points of divergence with tax authorities, and strategies for dispute prevention.
 
The forum concluded with closing remarks by Junghong Kim, IFA Korea Incoming Chair, who expressed his deep gratitude to all presenters, discussants, and attendees, and stated that IFA Korea will continue to faithfully fulfill its role as a central platform for the exchange between practice and academia in the field of international taxation.

On May 26, 2026, Steve Minhoo Kim, Pilje Cho, and Jaekyoung Han, all from Lee & Ko's Tax group, delivered a presentation at the ECCK Tax Forum on the topic “The Korean Tax Landscape: Traditional Principles, Modern Enforcement.”

The seminar, held for members of the European Chamber of Commerce in Korea (ECCK), examined the Korean tax authorities’ increasingly practical and proactive approach to taxation in a changing global tax environment. The speakers discussed recent enforcement trends, including the application of traditional international tax concepts such as permanent establishment (PE) and transfer pricing (TP) from a modern market-oriented perspective, and highlighted key implications for multinational enterprises operating in Korea.

On May 22, 2026, Steve Minhoo Kim of Lee & Ko's Tax group participated as a panelist in the AMCHAM Taxation Committee Meeting, where he joined Professor Robert J. Danon and other leading international tax professionals in discussing the OECD’s recently released 2026 Manual on Effective Mutual Agreement Procedures (MEMAP).

The seminar, attended by members of the American Chamber of Commerce in Korea (AMCHAM), explored practical guidance and best practices for the effective use of Mutual Agreement Procedures (MAP), as well as recent developments in international tax dispute resolution. The discussion also covered the OECD’s tax certainty agenda and the evolving landscape of cross-border tax dispute prevention and resolution.

Lee & Ko held a seminar on “Recent Key Legal Issues,” including the mandatory cancellation of treasury shares and the proposed anti-stock price suppression legislation, for member companies of the KOSDAQ Association at the KOSDAQ Association Hall on May 22, 2026. The seminar consisted of three sessions, beginning with an introduction by Jinhong Kwon of Lee & Ko.
 
In the first session, Taejung Kim of Lee & Ko’s M&A group delivered a presentation titled “Mandatory Cancellation of Treasury Shares under the Third Amendment to the Commercial Act and Related Response Strategies.” In the presentation, Mr. Kim emphasized that, in response to the revised regulatory environment arising from the mandatory cancellation of treasury shares, companies would need to conduct sufficient review not only of amendments to their articles of incorporation and practical preparations for obtaining shareholder approval of treasury share retention and disposal plans at shareholders’ meetings, but also of issues such as whether treasury shares may be disposed of for management purposes and whether enhanced fairness measures would be required.
 
Next, Sanghoon Kim of Lee & Ko’s Tax group gave a presentation on “The Legislative Purpose and Implications of the Proposed Anti-Stock Price Suppression Act.” The presentation explained the legislative background, purpose, and specific provisions of the proposed amendments relating to the anti-stock price suppression legislation and provided a detailed analysis of the advantages and disadvantages of the proposal through comparison with foreign legislative precedents, as well as its practical impact on the stock market. The presentation also examined potential constitutional concerns and possible supplementary measures in the event the amendments are enacted into law.
 
Finally, Younghoon Song, senior advisor at Lee & Ko, delivered a presentation titled “Reform of the Delisting Regime and Key Considerations for Listed Companies.” This presentation reviewed the implications and practical issues arising from the strengthened delisting standards and explained the measures necessary to address potential future delisting risks, including the enhancement of internal disclosure systems, adjustment of reverse stock split schedules, and management of shareholders’ equity.

On May 19, 2026, Philje Cho, an tax partner at Lee & Ko, delivered a presentation titled "The New Audit Trend: Defending Intangibles and Royalties in Korea., at the "BCCK Finance, Audit & HR Briefing".

The seminar, held for members of the British Chamber of Commerce in Korea (BCCK), offered a broad look at case studies and key trends regarding tax audits and assessment issues for intangibles and royalties in today's changing global tax environment. Notably, the session pointed out that tax authorities are tightening their scrutiny of intangible assets. It also shared practical coping mechanisms and risk management tips to address these developments.
Attendees had the opportunity to examine key risks and strategic directions that multinational corporations should consider in response to the changing landscape of tax audits.