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Subject |
License(3) - Tax to Royalty Income. |
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3 |
Name |
IP_Park |
Date |
2003/10/31 14:01:03 |
Homepage |
http://www.ippark.com |
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Q3. Tax to Royalty Income.
1) Most of the countries deduct an amount of money when the IP rights owner claims his royalty income tax in his home country, which the IP rights owner already paid as a royalty income tax in the foreign country, on the basis of the Double Taxation Prevention Treaty ("DTPT") between the two countries. Korea also has entered into the DTPT with many countries over the world. According to the DTPT, there is a limitation of the tax rate to the royalty income to be levied by a country.
2) In order to get a tax deduction, IP rights owners shall submit to his government authority a tax payment certificate issued by the government authority which levies the royalty income tax.
3) In Korea, to remit a royalty to an IP rights owner, the licensee shall pay an income tax on behalf of the IP rights owner to the tax office. That is, without paying the income tax to tax office, he can not remit the royalty to IP rights owner legally. Thus, IP rights owner should request the licensee to send a tax payment certificate issued by the Korean tax authority to them, in order to get the tax deduction mentioned in Q3.1) above. |
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