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

The South Korean National Assembly March 17 accepted for consideration Bill No. 2217522, to partially amend the Special Tax Measures Act. The bill includes measures to: 1) introduce an exemption from taxes such as corporate income tax, for business closure subsidies paid under the government program to reduce fishing vessels, through Dec. 31, 2040; and 2) require taxpayers to repay the exempted amount if they re-engage in fishing by purchasing or renting fishing vessels and gear within five years after transferring a fishing vessel to claim the reduction, with exceptions. The law would enter into force upon promulgation and apply ...