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Korea Publishes Overview of 2015 Tax Revision Bill

On 6 August 2015, the Korean Ministry of Strategy and Finance published an overview of the measures included in the 2015 Tax Revision Bill. The Bill contains a number of measures aimed at stimulating the economy, supporting the working class and fairer taxation. In regard to business, the measures focus mainly on:

  • Promoting private consumption;
  • Boosting exports and investment;
  • Supporting corporate restructuring;
  • Increasing fairness;
  • Reforming tax support;
  • Increasing transparency; and
  • Regulating overseas tax evasion.

Specific key measures include:

  • Carried forward loss utilization will be capped at 80% of earnings per year;
  • Additional documentation requirements will be introduced concerning multinational's international trade activities;
  • Capital gains tax deferral will be made available for stock swaps and assets sales during restructuring; and
  • The general capital gains tax exemption for listed shares will no longer be available for large shareholders - those owning 1% or more of KOSPI listed company shares or the value of shares is KRW 2.5 billion or more, and those owning 2% or more of KOSDAQ listed company shares or the value of shares is KRW 2 billion or more - capital gains tax rate of 20%.

Click the following link for the 2015 Tax Revisions Bill overview (link to full PDF near top of the page).

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