South Korea Assembly Considers Bill to Partially Amend Income Tax Act

The South Korean National Assembly March 25 accepted for consideration Bill No. 2217755, to partially amend the Income Tax Act. The bill includes measures to: 1) provide a resident who registers their marriage, a two-year 1 million South Korean won (US$663) annual credit against comprehensive income tax, starting with the tax payable from the tax year of marriage registration; 2) require taxpayers to apply for the credit with documentation; and 3) prohibit the claiming of the credit with other specified incentives. The law would enter into force Jan. 1, 2027, and apply from the tax period of that date. [South ...