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Korea's 2014 Tax Revision Bill Announced

On 6 August 2014, Korea's Ministry of Strategy and Finance released the proposed 2014 Tax Revision Bill. The proposed bill gives focus to four main areas:

  1. Stimulate the economy: boost household income, increase investment and consumption, create jobs, support SMEs and startups, provide business inheritance support, and boost corporate competitiveness
  2. Strengthening welfare programs: support low-income groups, support the elderly, housing support, and improve quality of life
  3. Fair taxation: revise tax incentives, increase transparency, regulate overseas tax evasion, and broaden the tax base
  4. A Taxpayer-friendly System of Taxation: strengthen taxpayer rights, and relieve administrative burden on taxpayers

Proposed changes include:

  • New credits for increasing employee wages
  • New tax on excessive retained earnings
  • New credits and increased deductions for SMEs and investment ventures
  • Reduction of VAT and extensions of exemption for certain necessities and public goods
  • Changes in tax treatment for overseas subsidiaries and investments, including repealing the tax deduction for secondary subsidiaries dividend income taxes paid and the tax deduction for overseas fund investment losses

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