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

The South Korean National Assembly April 10 accepted for consideration Bill No. 2218231, to partially amend the Special Tax Measures Act. The bill includes measures to: 1) provide an income or corporate tax credit against business income for businesses producing goods using national strategic technologies, such as semiconductors, secondary batteries, and electric vehicles (EVs), if produced and sold domestically by Dec. 31, 2030, and used for the first time within South Korea; 2) set the credit rate at 10 percent for five years; 3) provide qualifying resident workers, including researchers and technical personnel, a comprehensive income tax credit in an ...