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

The South Korean National Assembly Feb. 10 accepted for consideration Bill No. 2216695, to partially amend the Special Tax Measures Act. The bill includes measures to: 1) permanently implement the income tax deduction regime for young employees of small and medium-sized enterprises (SMEs) hired by Jan. 1, 2012, and individuals hired by Jan. 1, 2014, who are age 60 or older or disabled; and 2) increase to 3 million South Korean won (US$2,084), from 2 million won (US$1,389), the annual deduction limit. The law would enter into force on the date of promulgation, and would apply to employment income received ...