Week15

Thanks for the e-mail.
We are well aware that you want to know about the newly imposed tax law and whether Pfizer Korea is applicable to this law.
First, this tax law, which is called Corporate Income Tax Law(CITL), affects companies with a total equity capital over KRW 50 billion. Companies that are classified as SMEs under the enforcement of the presidential decree are exempt from this law.
As this new tax law is a Presidential decree, this law will apply for all corporate under the conditions of this law until the current President complete her term, 2017.
According to the law, the company has 2 options. One is to spend up to 80% of annual earnings on wage payment, investment and dividend payment. In this case, such company only have to pay 10% of taxation on the rest. The second option is to spend 30% of their annual earnings on wage payment and dividend payment. But companies have to be aware that money invested on overseas and M&A aren’t calculated as investment according to the plan.
Since the total equity of Pfizer Korea, which refers to the sum of total assets minus total liabilities, is KRW 350 billion,, the CITL also applies to your company as well. That means Pfizer Korea has to follow the new tax computation.
We hope that our e-mail has cleared any confusion. Sincerely.

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