On 31 December 2011, the National Assembly approved the proposed Tax Revision Bill (see Korea (Rep.)-1, News 13 September 2011) unveiled on 7 September 2011. The changes take effect from 1 January 2012 unless specified otherwise. The approved tax law changes are summarized below.
Direct Tax
(a) Corporate Income Tax Law.
| - | A middle tax bracket is created for fiscal years beginning 1 January 2012 as … |