South Korea MOF Seeks Comments on Draft Bills to Amend Various Taxes

July 29, 2021, 5:00 AM

The South Korean Ministry of Strategy and Finance July 27 opened a consultation on Draft Notice Nos. 2021-128, 2021-129, 2021-131, 2021-132, 2021-133, and 2021-141, to amend various taxes. The draft notices include measures that would: 1) provide a tax reduction for purchases of intellectual properties; 2) extend the tax payment deferral for R&D investments to the end of 2023; 3) require collective reporting of a non-corporate member of a nonresident entity; 4) expand the special taxation exceptions for asset sales for repayments of financial debts of domestic corporations; 5) allow individual consumption tax deductions for goods that aren’t imported from ...

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