South Korea Assembly Considers Bill to Partially Amend Corporate Tax Act

The South Korean National Assembly Feb. 24 accepted for consideration Bill No. 2217002, to partially amend the Corporate Tax Act. The bill includes measures to: 1) reduce corporate tax rates for small and medium-sized enterprises (SMEs) outside the Seoul area; 2) apply 7 percent for up to 200 million South Korean won (US$139,442) in taxable income; 3) apply 17 percent of the amount exceeding 200 million won, plus 14 million won (US$9,761), for over 200 million won and up to 20 billion won (US$13.9 million); 4) apply 19 percent of the amount exceeding 20 billion won, plus approximately 3.4 billion ...