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Korea’s National Assembly passes significant 2022 tax reform bills
On 23 December 2022, Korea’s National Assembly passed the 2022 tax reform bills from the Government with some amendments. The finalized 2022 tax reform bills outlined several significant changes, including the following: (i) The five-year application period limitation for special taxation of foreign workers will be extended to 20 years from 1 January 2023; (ii) Introduction of the financial investment income tax will be deferred from its expected start date of 1 January 2023 to 1 January 2025; and (iii) Introduction of the tax on virtual assets will be deferred from its expected start date of 1 January 2023 to 1 January 2025. The final bills legislated contained several changes from the original tax reform proposals announced on 21 July 2022.
A Tax Alert prepared by EY's People Advisory Services group, and attached below, provides additional details.