South Korea Assembly Considers Bill to Partially Amend Special Tax Measures Act

The South Korean National Assembly Sept. 16 accepted for consideration Bill No. 2213025, to partially amend the Special Tax Measures Act. The bill includes measures to extend, to Dec. 31, 2027, from Dec. 31, 2025, the: 1) 50 percent, payroll tax reduction for the first 10 years of employment for qualifying South Korean nationals experienced in R&D and technology, returning to work in the country; 2) 5 percent, 10 percent, and 15 percent corporate or individual income tax credit against business income for the video content production costs of large, medium, and small and medium-sized enterprises (SMEs), respectively, and the ...