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New administration to reduce corporate tax rates

It has been reported that the new administration and transition team plan to introduce a number of tax cuts, as follows:

-   reducing the corporate tax rate by 5% over 5 years. The corporate tax rate for taxable income exceeding KRW 100 million will be reduced from 25% to 20%, i.e. an annual reduction 1% over 5 years. Taxable income of not more than KRW 100 million is to be subject to a corporate tax rate of 12% in 2009, 11% in 2010 and 10% in 2011;     
-   the tax base for small and medium-size enterprises is to be increased from KRW 100 million to KRW 200 million; and
-   the research and development tax credit is to be increased.

The above plan is subject to approval in the National Assembly.

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