Executive summary on 30 july 2018 koreas ministry of strategy and finance 1 announced the 2018 tax reform proposals the 2018 proposal aimed at improving wealth distribution and sustaining growth the 2018 proposal also includes provisions in line with the organisation for economic co operation and developments oecd base erosion and profit shifting beps action plan 7 among others. Executive summary koreas ministry of strategy and finance announced 2019 tax reform proposals the 2019 proposals on 25 july 2019 unless otherwise specified the 2019 proposals will generally become effective for fiscal years beginning on or after 1 january 2020. Will be deemed to be korean source royalty income by recasting such payments as royalties for the use of other similar properties or rights under the korean corporate income tax law citl the rule applies to payments made on or after 1 january 2020 5 august 2019 global tax alert korea announces 2019 tax reform proposals new ey tax . Of the korean source income to the extent of the korean source income attributable to those investors that the oiv is unable to substantiate pursuant to the korean domestic tax law 4 see global tax alerts korea enacts 2017 tax reform bill dated 28 december 2016 and korea issues 2016 tax reform. Korea 2018 tax reform bill under consideration by national assembly would be tax deductible only in an amount up to 30 of the adjusted gross income of the korean company for the year this measure would apply as from 1 january 2019 other measures o to increase tax transparency the threshold for korean residents to report overseas
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