A quick look at what’s been going on in Asia and the Pacific…

South Korea's 2020 tax reform bill, which came into force in December, requires taxpayers that conduct a transaction that reduces the tax liability by a specified amount to prove that the transaction has a valid business purpose without the intent of tax avoidance. Failure to do so will cause the transaction to be treated as abusive and subject to tax, under the anti-abuse provisions of the Law for the Coordination of International Tax Affairs.

Asia is the most expensive region for wealthy individuals, a new report from J...