South Korea has reduced the general interest (surcharge) rate for national tax refunds from 1.8% to 1.2% per annum. The rate reduction was provided by a decree issued on 16 March 2021 and is generally effective from that date. Where the period for calculating a refund begins before the effective date and ends with the refund made after the effective date, the prior rate (1.8%) is applied for the period up to the day before the effective date of the rate reduction.
Note, in certain cases whe…