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| Home : South Korea Announces Tax Hike; Business Entities in the Country Affected |
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Sep 13
2012 |
South Korea Announces Tax Hike; Business Entities in the Country Affected |
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The South Korean government has announced changes to its tax laws that would increase tax rates for both large businesses operating in the country and employees. |
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Sunnyvale, CA - The new law changes are expected to increase South Korean tax revenues by KRW 1.8 Trillion and raising taxes on capital gains and tax rates.
South Korean Government Tax Changes: Key Highlights
* Raises the highest minimum tax rate to 15% from 14% for corporation with income above KRW 100 million.
* Transaction tax of 0.001% on financial derivatives has also been agreed; however, due to the current market conditions the provision would take effect after 3 years.
* The base for taxation on financial income (consolidated interest and dividend income for taxpayers) would be reduced from KRW 40 million to KRW 30 million.
* The sunset clause which encourages foreign investment and foreign workers has also been extended for 2 more years i.e. for earnings before or on December 31st, 2014. However, under the clause, the flat tax rate on income which includes resident surtax has been increased to 18.7% from 16.5 %.
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| Source:http://www.1888pressrelease.com/south-korea-announces-tax-hike-business-entities-in-the-cou-pr-423031.html |
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