On 6 December 2017, South Korea's National Assembly (parliament) passed the 2018 budget and related tax reform measures for 2018. Some of the main measures include:
- A new corporate tax rate bracket of 25% for companies with taxable income exceeding KRW 300 billion (200 billion originally proposed), with the standard current rates maintained for companies not exceeding that threshold;
- An increase in the top individual income tax brackets, including a 40% rate for income over KRW 300 million u…