South Korea Assembly Considers Bill to Partially Amend Income Tax Act

The South Korean National Assembly Sept. 3 accepted for consideration Bill No. 2212655, to partially amend the Income Tax Act. The bill includes measures to: 1) increase, to 30 million South Korean won (US$21,639) from 6 million won (US$4,328), the annual tax-free limit for income generated from the logging or transfer of forest trees in forest land with forestation periods of five years or more; 2) reduce, to 3 percent from 4 percent, the withholding tax rate on pension income received under life contracts, including the amount of pension account contributions for which tax deductions were received and the amount ...