On 26 December 2014, South Korea's Ministry of Strategy and Finance (MOSF) issued the 2014 Revision to Tax Enforcement Decree. The revisions generally apply from 1 January 2015, unless otherwise noted. The following are the main revisions as summarized by the MOSF.
3 Packages to Boost Household Income
1) Tax package to boost earned income
Law: Businesses that increase employee wages will receive a 10 percent tax credit (5% for large corporations) on the portion that was increased, on th…