Yoon & Yang, one of the big-six law firms in Korea, has doubled down on its international practice. The firm is being hailed for its “game changing hires” for its international tax practice with the recruitment of three leading figures from a competing law firm – Messrs. Jay Shim, Sung Hyun Ryu, and Hoanku Lee.
Mr. Jay Shim is one of the leading authorities in the field of international taxation in Korea. His experience and reputation in the Korean tax markets require little introduction. With over 35 years of experience, Mr. Shim has founded, shaped, and led tax practices at some of the leading law firms in Korea, including as the former co-head of tax practice at Lee & Ko, a position he held for over a decade.In addition to his undisputed leadership in handling complex international tax planning and controversies, Mr. Shim has participated as an external expert advisor in the development of cross-border tax policies for the National Tax Service and the Ministry of Strategy and Finance and has also advised on creating and revising laws and enforcement decrees concerning international tax law and regulations. He served as Co-Chair of the Tax Committee of the American Chamber of Commerce in Korea (AmCham Korea) for over 20 years and continues to speak at global forums, including the International Bar Association (IBA), the Inter-Pacific Bar Association (IPBA), and the International Fiscal Association (IFA).
Mr. Sung Hyun Ryu, who also joins Yoon & Yang from Lee & Ko, is a litigation heavyweight in international taxation. In the early years of his legal career, he served as a deputy director for the National Tax Service (NTS), where he made his mark in the field of tax controversy with his role in litigating illegal VAT refunds and evasions surrounding gold bullion trades - known to be one of the biggest tax evasions in the nation’s history. In recognition of his contribution, he received a Commendation from the NTS Commissioner in 2011. After transitioning to private practice, he quickly rose through the ranks and gained a reputation in the market for his quick hits in litigating cross-border tax cases with an emphasis on royalty withholding issues. Some of his recent victories include landmark royalty withholding cases before the Supreme Court, including the first case in which an Irish company was validly recognized by the Supreme Court as a beneficial owner of royalty paid from Korea to the Irish company for withholding tax purposes, over an allegation by the tax authorities that the Irish company was a mere paper company established in a tax haven acting as a conduit for its U.S. parent and that the U.S. parent was, in substance over form, the beneficial owner. Beyond his litigation success, Mr. Ryu has served as a member of the Financial Reform Advisory Committee under the Financial Services Commission and a legislative support advisor to the National Assembly. He is the author of The Tax Truth the NTS Won't Tell You.
Mr. Hoanku Lee is a veritable tax visionary who, in his role as a legal advisor to the financial industry and the government, shaped Korea’s automatic exchange of information systems (e.g., FATCA, Common Reporting Standard (CRS), QI program, and Crypto-Asset Reporting Framework) – a global tax regime aimed at enhancing transparency in the international financial system. He primarily focuses his practice on international tax and customs, providing high-caliber legal advice on tax issues related to the financial industry and capital markets with an emphasis on trust taxation. He boasts a high success rate in international tax disputes, including intercompany trademark royalty litigations as well as transfer pricing disputes. A notable representative matter includes a transfer pricing case in which the tax authorities tried to set a precedent and a guideline in Korea for the applicability of the profit split method as a transfer pricing method and fought the case vigorously for five years, with a high level of engagement and resources invested, and he ultimately secured a complete victory for the client.
“The trio’s recruitment is a real game changer,” said managing partner Myung Soo Lee. “We had explosive growth in our international tax practice in the past few years. It is a real time of momentum for us, and we are about to see an even more significant take-up of the market share in the upcoming years. Their recruitment is a major step for the firm’s ambitions to grow its international tax practice.”
Yoon & Yang’s Tax Practice Group comprises approximately 65 attorneys, tax attorneys, certified public accountants, and other advisers. The group won the “Tax and Trusts Law Firm of the Year” at the Asian Legal Business (ALB) Korea Law Awards 2020 in recognition of its role as a tax advisor in a cross-border real estate mega deal as well as its successful representation in a landmark value-added tax case. The group was also recognized as the “South Korea Tax Firm of the Year” and the “South Korea Transfer Pricing Firm of the Year” at the International Tax Review (ITR) Asia Tax Awards 2019.