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

The South Korean National Assembly Sept. 10 accepted for consideration Bill No. 2212856, to partially amend the Special Tax Measures Act. The bill includes a measure to extend to Dec. 31, 2027, from Dec. 31, 2025, the tax reduction period for areas that require continued tax support to protect property rights, foster competitive small and medium-sized enterprises (SMEs), promote balanced regional development, and attract talented workers. The measure applies to income tax and corporate tax reductions for SMEs, venture capital companies, commercial companies, talented workers returning to South Korea, and companies located in agricultural and industrial complexes. The law would ...