Proposed Korean Tax Law Revision for 2024 – Finalized by the Government

The finalized Korean tax reform bill was approved by the Cabinet Council on August 27, 2024.

In comparison to the Korean tax reform proposals for 2024 initially announced by the Ministry of Economy and Finance (MOEF), there is a significant modification that is worth noting as below.

• In the initial tax reform proposals for 2024, it was originally proposed that taxpayers would be allowed to submit an amended tax return for a tax refund request if certain tax credits are underreported. Under the finalized proposal, taxpayers will also be allowed to submit an amended tax return for a tax refund if foreign tax credit amounts are underreported.

The approved Korean tax reform bill was submitted to the National Assembly on September 2. 2024.

For the summary of major proposed tax law revisions that could be relevant to foreign-invested companies, you may also refer to our July 2024 edition of Newsletter.