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

The South Korean National Assembly Sept. 12 accepted for consideration Bill No. 2212932, to partially amend the Special Tax Measures Act. The bill includes measures to: 1) increase, to 40 percent from 15 percent, the deduction rate for spending at small business stores with annual sales of 3 billion South Korean won (US$2.2 million) or less; 2) increase, to 4 million won (US$2,902) from 2.5 million won (US$1,814), the deduction limit for taxpayers with annual income up to 70 million won (US$50,790); 3) increase, to 5 million won (US$3,627) from 3 million won (US$2,176), the deduction limit for taxpayers earning ...