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

The South Korean National Assembly Sept. 15 accepted for consideration Bill No. 2212984, to partially amend the Special Tax Measures Act. The bill includes measures to: 1) extend, to Dec. 31, 2030, from Dec. 31, 2025, the sunset date for the 50 percent individual income tax exemption for highly skilled Korean nationals returning to the country and finding employment at research institutions, applicable for 10 years from starting employment; 2) increase the exemption rate to 70 percent if employment is found at research institutions outside the Seoul metropolitan area; and 3) enact a 50 percent exemption, capped at 5 million ...