South Korea Gazettes Law Amending Corporate Tax Act

The South Korean Official Gazette Dec. 23 published Law No. 21217 partially amending the Corporate Income Tax Act. The law includes measures: 1) increasing, to 30 percent from 20 percent, the limit for deductible general donations for social enterprises; 2) specifying that if a venture capital association’s investment company distributes 90 percent or more of its distributable profits to investors, the dividend amount will be deducted from the income amount for the relevant fiscal year, applicable even if shareholders who received the dividend are tax-exempt; and 3) increasing the corporate tax rate for various corporation types by 1 percent each ...