KPMG Samjong Tax in South Korea reports on some of the main provisions of the 2013 Revised Tax Law that was passed a few weeks ago. For example, the flat tax rate was extended two more years to December 31, 2014. Therefore, income earned on or before December 31, 2014, will be eligible for the flat tax rate election, though the rate was raised. Also discussed is the overall limit placed on deductions a taxpayer can claim.
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