South Korea's Ministry of Economy and Finance has announced several tax law proposals following a Tax Development Review Committee meeting held on 22 July 2020, including revisions to prior proposals. Proposals include:
- the introduction of a new top income tax rate of 45% for individuals with taxable income exceeding KRW 1 billion from 1 January 2021 (current top rate is 42% on income over KRW 500 million);
- an increase in the allowed loss carryforward period from 10 years to 15 years for cor…