AustCham Korea member Yulchon LLC Summarises the 2022 Korean Tax Law Amendment Proposal
The Ministry of Economy and Finance announced a tax law proposal late July. The proposal is subject to approval by the National Assembly (Korean parliament). Yulchon states that although they expect many of the proposed changes to the existing tax rules and introduction of new rules to be approved by the National Assembly, it is uncertain whether certain proposals (e.g., reduction of the corporate income tax rate) will be approved in their current form. Accordingly, they state they need to closely monitor the developments of legislative process.
Yulchon has summarised some of the key proposals having an impact on global multinationals operating in Korea in the Legal Update below, published early August, 2022.
