19 December 2012 Report from Ying Zhang, IBFD Research Associate The Korean Supreme Court delivered a decision on 26 April 2012 in the case of La Salle Asia Recovery International LLP and another v. Director of the Jongro District Tax Officewhere it held that two UK investment funds which had indirectly invested in a Korean company through two Luxembourg and two Belgium companies, were liable to tax in Korea on capital gains from a disposal of shares in the Korean company according to Korean substance-over-form provisions. (a) Facts. The taxpayers (i.e. LaSalle Asia Recovery International I LLP and La Salle Recovery...