I. Introduction
Following the Ministry of Economy and Finance’s (MOEF) release of the proposed bill last year on July 21 to amend to the tax laws and enforcement decrees, the National Assembly passed the 2023 proposed bill in 23 December 2022. We have provided a summary below of the changes that may affect foreign businesses and investors in Korea. [For your information, we have included a link for the Korean version of those amendments.]
II. Key Changes
1. Lower corporate income tax rate
2. Wider consolidated tax return
3. Longer flat income tax rate for foreign workers
4. Higher loss carryforward
5. Income exclusion for dividends from subsidiaries
6. Simplified and more generous employment tax credit system
7. Delayed securities transaction tax reduction
8. Delayed imposition of tax on digital assets
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[Korean version] 2023년 개정세법 요약
