International Tax Review is part of the Delinian Group, Delinian Limited, 8 Bouverie Street, London, EC4Y 8AX, Registered in England & Wales, Company number 00954730
Copyright © Delinian Limited and its affiliated companies 2023

Accessibility | Terms of Use | Privacy Policy | Modern Slavery Statement

South Korea to hike taxes on large companies


The South Korean government and ruling Saenuri Party have produced a revised tax Bill targeting large companies, which is expected to raise tax revenue by KRW1.8 trillion ($887 million).

The reform Bill includes changes to the tax cut limits for large companies, an increase of the minimum tax rate for big companies, and higher taxes on capital gains.

The Saenuri Party was elected in April, partly on the back of promises to raise taxes on capital gains and to repeal some tax cuts for large companies.

The increase in the minimum tax rate for big companies is a one percentage point hike – from 14% to 15%.

“Reducing the tax cut limits for large companies will contribute toward increasing tax revenue and promoting fair taxation,” said Na Seong-lin, representative of the Saenuri Party. “Toughened taxation on financial or capital gains also dovetails with the Saenuri Party’s policy direction to expand the source of tax revenue and lower the tax rates.”

more across site & bottom lb ros

More from across our site

12th annual awards announces winners
The Fair Tax Foundation published the annual UK public sentiment barometer on tax justice ahead of its flagship event, which ITR attended.
The UK public broadcaster acknowledges paying a low tax rate in India, while the ICAEW appoints a new president for 2023/24.
The Canadian proprietor of Canary Wharf and Manhattan West faces accusations of avoiding tax through subsidiaries in Bermuda and beyond.
The Department of Finance Canada has put forward a package of transfer pricing reforms to clarify existing provisions and address what it says is a disproportionate loss of tax revenue.
Developments included the end of Saudi Arabia’s tax amnesty, Poland’s VAT battle with the EU, the Indirect Tax Forum, India’s WTO complaint, and more.
Charlotte Sallabank and Christy Wilson of Katten UK look at the Premier League's use of 'dual representation' contracts for tax matters.
Shareholders are set to vote on whether the asset management firm will adopt public CbCR, amid claims of tax avoidance.
US lawmakers averted a default on debt by approving the Fiscal Responsibility Act, but this deal may consolidate the Biden tax reforms rather than undermine them.
In a letter to the Australian Senate, the firm has provided the names of all 67 staff who received confidential emails but has not released them publicly.