On December 10, 2024, the National Assembly passed the bill for 2024 Tax Law Amendment. Among the proposed amendments submitted to the National Assembly in September 2024, the amendments to the Corporate Income Tax Law, Individual Income Tax Law, International Tax Control Law, and National Tax Framework Law were finalized without changes from the proposals. However, certain provisions in the proposed amendments to the Tax Incentive Limitation Law and the Value Added Tax Law were either removed (e.g., Tax Incentive for Promoting Shareholder Returns) or partially revised (e.g., ISA Tax Benefits, Integrated Employment Tax Credit). Additionally, the proposed amendments to the Inheritance and Gift Tax Law were entirely removed.

The Tax Law Amendments to be incorporated into the legislation are expected to be promulgated in December 2024. Meanwhile, Amendments to be reflected in the Enforcement Decrees and regulations are anticipated to be promulgated in February or March 2025, respectively.

In this newsletter, we summarize the major contents of 2024 Tax Law Amendments which may have a potential impact on foreign invested companies.

 

 

지�� 2024�� 12�� 10��(��) 국회�� 세법개정안을 의결하였습니��. 지�� 9월에 국회�� 젵Ӷ��� 개정안의 내용 �� 법인세법, 소득세법, 국제조세조정�� 관�� 법률 �� 국세기본법은 변�� 없이 개정안의 내용대�� 확정되었습니��. 한편, 조세특례제한�� �� 부가가치세법의 내용은 당초 젵Ӷ��� 세법개정안의 내용에서 삭제(주주환원촉진세제)되거�� 일부 변��(ISA 세제지��, 통합고용세액 공제 방식 ��)되었으며, 상속�� �� 증여세법�� 세법개정안은 모두 삭제되었습니��.

세법개정 내용 �� 법률�� 반영�� 사항은 2024�� 12�� 중에 공포�� 것으�� 예상되며, 시행�� �� 시행규칙�� 반영�� 내용은 2025�� 2�� 또는 3�� 중에 각각 공포�� 것으�� 예상됩니��.