In December 2023, the National Assembly finalized and ratified the proposed tax law amendments submitted by the Ministry of Economy and Finance (the “MOEF”), most of whose effective dates are January 1, 2024. The Presidential Decrees released subsequent to the ratification of the proposed tax laws were promulgated on February 29, 2024. In addition, in December 2023, the National Assembly finalized and ratified the proposed local tax law amendments submitted by the Ministry of the Interior and Safety (the “MOIS”) and subsequently promulgated them, together with the relevant Presidential Decrees of the local tax law, on December 29, 2023.

The following summary of the tax law amendments and Presidential Decrees may be of relevance for overseas individuals or companies that are doing business in Korea. Please refer to the attached file for more information on the following issues.
 

[Korean Version]