As previously reported, South Korea's National Assembly approved the country's budget for 2023 in December 2022 along with several tax reform measures. One of the main measures is a 1% cut in each of the four corporate tax brackets, resulting in the following brackets/rates with effect from 1 January 2023:
- Up to KRW 200 million - 9%
- KRW 200 million to KRW 20 billion - 19%
- KRW 20 billion to KRW 300 billion - 21%
- Over KRW 300 billion - 24%
Considering the local income tax of 10%, the resulti…