US firm's tech transfer payments could be taxable in Korea: court

The Supreme Court recently ruled that payments received by a US firm from a South Korean company in exchange for technical know-how could be subject to corporate tax in Korea, sending the case back to a lower court for further review. According to legal circles Monday, the Supreme Court overturned a lower court ruling in favor of US pharmaceutical company Genosco in its suit against the head of the Dongjak Tax Office, which had refused to issue a tax refund. Genosco signed a technology transfer