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January 5, 2018
2018-0032

Korea enacts 2018 tax reform bill

Korea enacted the 2018 tax reform bill on December 19, 2017, (the 2018 Tax Reform) after it was passed by Korea's National Assembly on December 5, 2017. The 2018 Tax Reform also includes provisions in line with the Organisation for Economic Co-operation and Development's Base Erosion and Profit Shifting (BEPS) Action 2 (Neutralising the effects of Hybrid Mismatch Arrangements) and Action 4 (Limiting Base Erosion Involving Interest Deductions and Other Financial Payments), among others. Unless otherwise specified, the 2018 Tax Reform will generally become effective for fiscal years beginning on or after January 1, 2018. The Enforcement Decrees, which provide more specific guidance on the laws, are expected to be enacted in February 2018.

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

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Full text of Tax Alert 2018-0032

 

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