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Korean Tax Brief 2020년 8월호

Korean TAX Brief 2020년 8월호

2020년 8월 한국의 조세동향 및 세무분야의 최신 이슈 업데이트

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Korean Tax Brief 2020년 8월호

2020 Tax Law Amendment Proposal


1. Introduce New Integrated Investment Tax Credit Scheme: Rebuild Investment Tax Credit Scheme
(New enactment of Tax Incentive Limitation Law §24 and repeal of Tax Incentive Limitation Law §5·25·25-4·25-5·25-7)

2. Ease Investment Tax Credit Requirements for New Growth-Engine Technology Commercialization Facilities
(Tax Incentive Limitation Law §25-5, Enforcement Decree of the Tax Incentive Limitation Law §22-9)

3. Include SME’s Outsourcing Cost for Patent Study and Analysis in Qualified Expenditures for R&D Tax Credits
(Enforcement Decree of the Tax Incentive Limitation Law Attachment 6)

4. Extend Tax Credit Carryforward Period
(Tax Incentive Limitation Law §144①)

5. Extend Net Operating Loss (“NOL”) Carryforward Period
(Corporate Income Tax Law §13, §76-13, Individual Income Tax Law §45)

6. Extend Foreign Tax Credit Carryforward Period and Allow Deduction for Unused Foreign Tax Credits
(Corporate Income Tax Law §57, Individual Income Tax Law §57)

7. Extend Applicable Period of Tax Credits for Increasing Wages
(Tax Incentive Limitation Law §29-4)

8. Extend Applicable Period of Tax Credits for Middle-Sized Enterprises and SMEs Re-employing Career-Interrupted Women
(Tax Incentive Limitation Law §29-3①)

9. Extend Applicable Period of Tax Credits for Middle-Sized Enterprises and SMEs Converting Temporary Employees to Full-Time Employees and Rationalize Follow-on Requirement
(Tax Incentive Limitation Law §30-2①)

10. Extend Applicable Period of Tax Credits for Middle-Sized Enterprises and SMEs for Wages Paid to Employees Returning from Childcare Leave and Rationalize Follow-on Requirement
(Tax Incentive Limitation Law §29-3②)

 

Please check the attached link for details.

© 2020 Samjong KPMG Accounting Corp., the Korea member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative(“KPMG International”), a Swiss entity. All rights reserved.

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