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

The South Korean National Assembly March 4 accepted for consideration Bill No. 2217203, to partially amend the Special Tax Measures Act. The bill includes measures to: 1) remove the Dec. 31 sunset from the individual income tax reductions for specified employees of small and medium-sized enterprises (SMEs); 2) increase, to five years from three, the 70 percent tax reduction for employees with disabilities or over the age of 60; 3) increase, to seven years from five, the 90 percent tax reduction for young employees; 4) increase, to nine years from seven, the 70 percent tax reduction for employees returning from ...