Tax Revision Bill 2013 – approved

The Tax Revision Bill 2013, which was announced by the Ministry of Strategy and Finance (MoSF) of Korea (Rep.) in August 2013, was approved on 26 September 2013 with various changes. The amendments are aimed at supporting national priorities, facilitating job creation, increasing tax fairness and broadening the tax base, particularly by making the tax code more transparent by legitimatizing the shadow economy and restructuring. The Tax Revision Bill 2013 will mostly take effect from 1 January 20…