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15 August 2018

Korea announces 2018 tax reform proposals

Korea's Ministry of Strategy and Finance1 announced the 2018 tax reform proposals (the 2018 Proposal) on July 30, aimed at improving wealth distribution and sustaining growth. The 2018 Proposal also includes provisions in line with the Organisation for Economic Co-operation and Development's (OECD) Base Erosion and Profit Shifting (BEPS) Action Plan 7, among others. Unless otherwise specified, the proposals in the 2018 Proposal will generally become effective for fiscal years beginning on or after January 1, 2019.

A Global Tax Alert, attached below, provides additional details.

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Document ID: 2018-1639

 

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