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.
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