The Ministry of Economy and Finance announced the proposed amendments to the tax law in early August.
Taxand South Korea, Yulchon, have prepared a summary of the parts relating to international taxation. This summary is divided into three categories – “measures to strengthen the tax administration for international transactions”, “changing the administration or procedures of the international tax regime”, and “improving taxpayer convenience” – and also analyses the expected effect of the proposed amendments from the taxpayer’s perspective. Once passed into law at the National Assembly by the end of the year, most provisions would become effective from 1 January 2021.
Continue reading: South Korea: 2021 Proposed Tax Law Amendments
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