South Korea Assembly Considers Bill to Partially Amend Income Tax Act

The South Korean National Assembly Feb. 26 accepted for consideration Bill No. 2217100, to partially amend the Income Tax Act. The bill includes measures to: 1) increase to 15 million South Korean won (US$10,240), from 14 million won (US$9,557), the minimum individual income tax bracket threshold; 2) increase to 1.08 billion won (US$737,272), from 1 billion won (US$682,659), the maximum individual income tax bracket threshold; 3) introduce an automatic annual adjustment of all individual income tax brackets from 2028 onward based on the national consumer price inflation rate; and 4) retain the existing progressive individual income tax rate brackets ranging ...