The South Korean National Assembly, on 22 and 26 December 2006, passed amendments to a number of tax laws (including the Corporation Tax Law, the Personal Income Tax Law and the Special Tax Treatment Control Law). The amendments are summarized below. It should be noted that the amendments to the Presidential Decrees under these tax laws have not yet been formally promulgated by the government.
National Tax Basic Law (NTBL)
(a) Definition of a controlli…