The Ministry of the Economy and Finance announced 21 amendments to the "enforcement decrees" for implementing changes to the tax law as passed by the National Assembly in December 2018.
The enforcement decrees will be effective in February 2019 after certain steps are completed.
Changes that may affect foreign investors or foreign invested companies include:
Changes that may affect the corporate income tax include:
Among the changes with respect to the tax incentive limitation law are measures that concern:
The provisions with respect to value added tax (VAT) concern:
For individual income taxation, one change relates to an improved foreign tax credit regime, and for the tax procedure measures, there is a change that reduces the scope of secondary tax liability for an acquirer in a transaction.
Read a 2019 report [PDF 653 KB] prepared by the KPMG member firm in South Korea
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