South Korea MOF Seeks Comments on Draft Notices to Amend Tax Laws Due to Coronavirus

The South Korean Ministry of Strategy and Finance April 8 opened a consultation on draft notices to amend corporate income tax regulations, special taxation rules, and VAT rules for small and medium enterprises (SMEs) due to the coronavirus pandemic. The amendments include measures to: 1) allow tax deductions for SMEs affected by the coronavirus pandemic; 2) allow a tax credit for real estate leasing businesses with reduced rental income; 3) expand tax exemptions for reporting entertainment expenses; 4) reduce VAT for SMEs; and 5) allow tax deductions, tax credits and tax exemptions for the return of overseas businesses. Comments are ...