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The National Assembly Planning and Finance Committee voted an amendment to the Income Tax Act to create a section that exceeds the total income tax base of 1 billion won and raise the income tax rate for the section from 42% to 45%. The photo shows a meeting of the tax committee subcommittee on 27. / Photos = Yonhap News
On December 30, the National Assembly Planning and Finance Committee announced that it had decided to amend the Income Tax Act to create a section that exceeds the global tax base of 1 billion won and raise the rate. income tax for the section from 42% to 45%.
The main content of this bill is that 42% of the existing tax rate is applied to the section from 500 million to 1 billion won and 45% is imposed only on sections that exceed 1 billion won. As a result, around 16,000 very high income earners are included in the application.
On that day, the Committee decided to cut by 0.02 percentage points next year and 0.08 percentage points in 2023, and eventually applied a securities transaction tax of 0.15%.
In addition, a law was passed that allowed for the sum of income and losses to be summarized as financial investment income and to carry over and deduct losses within a three-year period. In particular, in the case of share transfer income, all taxation will be conducted without distinction between minority and major shareholders starting in 2023 and a plan has been included to exclude taxation of up to 50 million won per year.
Bobae Lee, guest journalist of Hankyung.com [email protected]
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