South Korea Assembly Considers Bill to Partially Amend Corporate Tax Act

The South Korean National Assembly March 10 accepted for consideration Bill No. 2217355, to partially amend the Corporate Tax Act. The bill includes measures to: 1) introduce an additional corporate tax on excess income earned by domestic petroleum refiners and liquefied petroleum gas group suppliers; 2) impose an additional corporate tax at a rate of 20 percent on excess income, calculated separately and added to the corporate tax, in cases where a covered corporation’s income for a fiscal year exceeds the average income of the preceding three fiscal years by more than 500 million South Korean won (US$338,067); and 3) ...