South Korea Assembly Considers Bill to Partially Amend Corporate Tax Act

The South Korean National Assembly March 4 accepted for consideration Bill No. 2217206, to partially amend the Corporate Tax Act. The bill includes measures to reduce, for each corporate tax base bracket, the corporate income tax rate for domestic corporations, excluding those falling under Article 60-2(1)(1), to: 1) 9 percent, from 10 percent, for taxable income of up to 200 million South Korean won (US$134,782); 2) 19 percent, from 20 percent, for taxable income exceeding 200 million won, but not exceeding 20 billion won (US$13.5 million); 3) 21 percent, from 22 percent, for taxable income exceeding 20 billion won, but ...