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South Korea sets out  year tax policy direction

South Korea sets out year tax policy direction

SEOL: The South Korean Government has indicated that it will seek to enhance certain business tax incentives in 2018 and review property taxation.

On January 2, 2018, the Government released details of its planned economic policies for 2018. It said that it would seek to stimulate the creation of “decent jobs” in the private sector by introducing tax breaks for small and medium sized enterprises that hire more and introduce tax relief for large businesses that engage smaller businesses.

In addition, the Government said it would seek to make the tax regime more fair, by imposing a tax on rental income, reviewing property taxes.