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

The South Korean National Assembly Feb. 2 accepted for consideration Bill No. 2216486, to partially amend the Special Tax Measures Act. The bill includes measures to: 1) provide domestic companies an individual income tax or corporate income tax credit against business income for employees who complete a vocational training course or educational program specified as promoting cooperation among industry, academia, and research; 2) set the general credit rate at 20 percent of labor costs paid to the employee within two years of hiring, increased to 30 percent for small and medium-sized enterprises (SMEs) and companies headquartered in areas of declining ...