South Korea's 2017 Budget To Hike Top PIT Rate
by Mary Swire, Tax-News.com, Hong Kong
05 December 2016
South Korea's Government and parliamentary lawmakers have agreed to introduce an increased top rate of individual income tax in the 2017 Budget, to part-fund a child care support program.
Individuals with annual taxable earnings of more than KRW500m (USD428,500) will be subject to a 40 percent income tax rate. The previous top rate was 38 percent for those with taxable earnings of over KRW150m.
However, the opposition's suggestion for an even higher top income tax rate (of up to 50 percent) was not taken up, and a hike to the country's headline corporate tax rate from 22 percent to 25 percent was also turned down.
To see today's news, click here.
Tax-News Reviews

A review and forecast of Cyprus's international business, legal and investment climate.

A review and forecast of Malta's international business, legal and investment climate.

A review and forecast of Jersey's international business, legal and investment climate.

A review of the latest budget news and government financial statements from around the world.
Stay Updated
Please enter your email address to join the Tax-News.com mailing list. View previous newsletters.
By subscribing to our newsletter service, you agree to our Terms and Conditions and Privacy Policy.
To manage your mailing list preferences, please click here »
Network Blogs and Features
- Multilateral Moves Ongoing »
- EU Advances On Trade And Tax »
- Budgets Are Go... »
- How a virtual office can help your Hong Kong small business? »
- COVID Campaigns Continue »
- US Occupies Center Stage »
- Big changes Afoot... »
- I.T. is IT! »
- What Is a Registered Agent, and Why You Need a Registered Agent for Your Business? »
- Spring Cleaning? »