South Korea Assembly Considers Bill to Partially Amend Corporate Tax Act

The South Korean National Assembly March 25 accepted for consideration Bill No. 2217736, to partially amend the Corporate Tax Act. The bill includes measures to reduce, for each corporate tax base bracket, the corporate tax rate for small and medium-sized enterprises (SMEs) with their head office or principal office located outside the capital area, excluding those falling under Article 60-2(1)(1), to: 1) 8 percent, from 10 percent, for taxable income of up to 200 million South Korean won (US$131,060); 2) 17 percent, from 20 percent, for taxable income exceeding 200 million won, but not exceeding 20 billion won (US$13.1 million); ...