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

The South Korean National Assembly Oct. 17 accepted for consideration Bill No. 2204758, to partially amend the Tax Special Measures Act, effective Jan. 1, 2025. The bill includes measures to: 1) change the electronic filing tax credit to the tax expense cooperation credit; 2) set the credit at 20,000 South Korean won (US$14) for income tax, capital gains tax, and corporate tax, increased for certain small businesses; and 3) set the credit at 10,000 won (US$7) for VAT, increased for simplified taxpayers. [South Korea, National Assembly, 10/17/24]

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View Text of Bill No. 2204758. View Legislative History of Bill ...