South Korea's Ministry of Economy and Finance has issued a release on the need for corporate tax reform in order to expand investment and secure the country's global competitiveness. In particular, the release addresses the need to lower the top corporate tax rate as proposed earlier in the year. This include removing the top 25% corporate tax rate that has applied since 2018 and limiting the lower 10% corporate tax rate to SMEs. As a result, the rates would be as follows:
- up to KRW 500 mil…