South Korean Tax Reform Plans Include Corporate Tax Rate Cut, Global Minimum Tax, and Several Other Measures

On 21 July 2022, South Korea's Ministry of Finance issued an announcement on tax reform plans for 2022, which follow the proposals announced in June 2022. The tax reform plans include several measures in different areas, including the following measures meant to enhance corporate competitiveness:

• The adjustment of the corporate tax rates with the removal of the top 25% rate and an increase in the threshold for the 10% rate, but with the rate limited to qualifying SMEs
  • up to KRW 500 million …