South Korea Assembly Passes Bill to Partially Amend Special Taxation Act

The South Korean National Assembly Dec. 23 passed Bill No. 2117151, to amend the special taxation act. The bill includes measures to: 1) increase the tax exempt limit for stock option gains to 200 million South Korean won (US$156,931) annually from 50 million won (US$39,232); 2) extend application deadlines to Dec. 31, 2025, from Dec. 31, 2022, for the special taxation regime for relocating factories, the tax credit for video production costs, and the corporate tax deduction of 10 percent of the market value of research and testing facilities donated to a university; 3) extend to 10 years from five ...