South Korea Assembly Considers Bill to Partially Amend Income Tax Act

The South Korean National Assembly Feb. 20 accepted for consideration Bill No. 2216909, to partially amend the Income Tax Act. The bill includes a measure to increase to 2.5 million South Korean won (US$1,731) per person per year, from 1.5 million won (US$1,038), the basic individual income deduction for residents, their spouses, and their dependents. The law would enter into force Jan. 1, 2027. [South Korea, National Assembly, 02/20/26]

Reference:
View Text of Bill No. 2216909. View Legislative History of Bill No. 2216909. View Index.