South Korea Assembly Considers Bill to Partially Amend Corporate Tax Act

The South Korean National Assembly Aug. 29 accepted for consideration Bill No. 2212528, to partially amend the Corporate Tax Act. The bill includes measures to: 1) set three general tax brackets, with rates from 9 percent for taxable income of 200 million South Korean won (US$144,162) or less, to approximately 65.5 billion won (US$47.2 million) plus 25 percent of the amount exceeding 300 billion won (US$216.2 million), for amounts over 300 billion won; 2) set three brackets for specified domestic taxpayers, from 20 percent of taxable income of 20 billion won (US$14.4 million) or less, to 65.6 billion won (US$47.2 ...