Korean Government has Announced a Proposed Retained Earnings Tax and Business Incentives

At a Federation of Korean Industries forum on 24 July 2014, Korean Finance Ministry, Choi Kyung-hwan, announced the governments intent to introduce a retained earnings tax in Korea in order to promote investment and economic development. The tax will be applied at a rate of 3% on excess retained earnings at the end of a financial year if they are not used within 3 years.
In addition, the gove…
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