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

The South Korean National Assembly April 9 accepted for consideration Bill No. 2218216, to partially amend the Special Tax Measures Act. The bill includes measures to: 1) allow domestic corporations contributing land in-kind within corporate city development zones to defer taxation on capital gains arising from such contributions until the disposal of acquired shares; 2) extend the applicability of the tax deferral benefit to contributions made through Dec. 31, 2029; 3) permit continued deferral where shares received are used as consideration to acquire developed land, deferring taxation until the disposal of that land; and 4) require recognition of deferred gains ...