ARTICLE · 23 JANUARY 2017

2016 Tax Law Amendments Proposal

Yulchon LLC

The amendment will expand the scope of MAP applicants so that even non-residents or foreign companies not having a place of business in Korea can request a MAP.

South KoreaTax

Yulchon LLC

The Ministry of Strategy and Finance ("MOSF") announced its proposed tax law amendments for 2016 (the "2016 Tax Amendments") on July 28, 2016. According to the MOSF, the purposes of the 2016 Tax Amendments are to strengthen economic vitality, stabilize people's livelihoods, promote fair taxation and rationalize the tax system. Unless otherwise noted below, upon approval by the National Assembly, the 2016 Tax Amendments will be effective as of January 1, 2017.

We provide below a summary of the key proposed amendments.

1. Extension of the reduced income tax benefit period for foreign workers and adjustment of the flat tax rate (Article 18(2) of the Special Tax Treatment Control Law ("STTCL"))

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2016 Tax Law Amendments Proposal

1. Extension of the reduced income tax benefit period for foreign workers and adjustment of the flat tax rate (Article 18(2) of the Special Tax Treatment Control Law ("STTCL"))

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