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

The South Korean National Assembly Oct. 28 accepted for consideration Bill No. 2213767, to partially amend the Special Tax Measures Act. The bill includes measures to extend, to Dec. 31, 2030, from Dec. 31, 2025, the sunset dates for: 1) the special income and corporate tax reductions for companies that increase wages or employment and those certified as social enterprises; 2) the 40 percent tax deduction for contributions to the Housing Subscription Savings Plan, for a head of household or spouse with total income up to 70 million South Korean won (US$49,217); and 3) the tax exemption on income and ...