South Korea Gazettes Law Partially Amending Income Tax Act

The South Korean Official Gazette Dec. 23 published Law No. 21221, partially amending the Income Tax Act. The law includes measures: 1) increasing, to 30 million South Korean won (US$20,252), from 6 million won (US$4,050), the annual tax-free limit for income generated from logging or transferring forest trees in forest land with a forestation period of five years or more; 2) expanding the scope of foreign tax credit to income from indirect investments; 3) decreasing, to 3 percent, from 4 percent, the withholding tax rate on specified pension income; 4) decreasing, to 50 percent, from 60 percent, the withholding tax ...