On 24 December 2022, South Korea's National Assembly reportedly approved the country's budget for 2023, including a corporate tax rate cut. While the government had originally wanted to remove the top corporate tax rate of 25%, the National Assembly instead approved a 1% cut in each of the four corporate tax brackets. As a result, the corporate rates will be reduced from 10%, 20%, 22%, and 25%, to 9%, 19%, 21%, and 24% from 1 January 2023. Local income tax of 10% on the corporate rates contin…