South Korea Assembly Considers Bill to Partially Amend Special Tax Measures Act

The South Korean National Assembly Sept. 3 accepted for consideration Bill No. 2212653, to partially amend the Special Tax Measures Act. The bill includes measures to: 1) increase to 104 million South Korean won (US$75,037) or less from 80 million won (US$57,721) or less the annual income threshold for small and medium-sized enterprises (SMEs) to qualify for higher tax reductions; 2) exempt dividend income received from investing in a venture investment company through a venture investment association, and allow domestic corporations to deduct 5 percent acquisition cost of shares in venture companies; 3) increase to 10 percent from 5 percent ...