South Korea – New Tax Reform Bill Contains Measures Affecting Individuals

South Korea – New Tax Reform Bill

KPMG Samjong Tax in South Korea reports that the Ministry of Strategy and Finance for South Korea has released the 2012 tax law revision bill, providing for various changes to the country’s tax system. In this newsletter we highlight some of the important measures impacting individuals, including the extension of the flat tax rate provision (though the rate is increased), changes to various deductions allowed to taxpayers, and modifications to the foreign financial accounts reporting rules, amongst other measures.

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