South Korea Assembly Considers Bill to Partially Amend Income Tax Act

The South Korean National Assembly Sept. 19 accepted for consideration Bill No. 2213128, to partially amend the Income Tax Act. The bill includes a measure to increase, to the lesser of 10 percent of the amount paid or 6 million South Korean won (US$4,309), from the lesser of 10 percent of the amount paid or 3 million won (US$2,154), the tax credit limit for full or partial amounts of an individual comprehensive asset management account (ISA), for which the contract period has expired, that are deposited into a pension account. The law would enter into force Jan. 1, 2026, and ...