South Korea Assembly Considers Bill to Partially Amend Income Tax Act

The South Korean National Assembly Sept. 19 accepted for consideration Bill No. 2213143, to partially amend the Income Tax Act. The bill includes measures to: 1) increase to 40 percent from 38 percent the individual income tax rate applied to the portion of income exceeding 150 million South Korean won (US$107,562), for comprehensive income above 150 million won but below 300 million won (US$215,124); 2) combine the top three individual income tax brackets; and 3) set the individual income tax rate for the highest income tax bracket at approximately 97 million won (US$69,558) plus 45 percent of income exceeding 300 ...