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

The South Korean National Assembly May 7 accepted for consideration Bill No. 2218878, to partially amend the Special Tax Measures Act. The bill includes a measure to extend, to Dec. 31, 2029, from Dec. 31, 2026, the integrated employment tax credit for employees returning from parental leave, which allows certain entities to deduct specified amounts from the income tax or corporate tax of the relevant tax year upon reinstating an employee returning from parental leave, including the permittance of: 1) small and medium-sized enterprises (SMEs) to deduct 13 million South Korean won (US$8,831) per person; and 2) medium-sized enterprises to ...