South Korea Assembly Considers Bill to Partially Amend Special Tax Measures Act

The South Korean National Assembly Feb. 24 accepted for consideration Bill No. 2217004, to partially amend the Special Tax Measures Act. The bill includes measures to: 1) introduce a 50 percent individual income tax credit for resident employees of specified companies located outside the Seoul metropolitan area, capped at 5 million South Korean won (US$3,486) per tax period; 2) apply the credit to the first qualifying employment income received starting six months after the law’s promulgation, and through Dec. 31, 2030, regardless of subsequent employment with a different company located outside the metropolitan area; 3) prohibit taxpayers from claiming the ...