Sign up for tax alert emails    GTNU homepage    Tax newsroom    Email document    Print document    Download document

February 1, 2023

Korea’s National Assembly passes significant 2022 tax reform bills

On 23 December 2022, Korea’s National Assembly passed the 2022 tax reform bills from the Government with some amendments. The finalized 2022 tax reform bills outlined several significant changes, including the following: (i) The five-year application period limitation for special taxation of foreign workers will be extended to 20 years from 1 January 2023; (ii) Introduction of the financial investment income tax will be deferred from its expected start date of 1 January 2023 to 1 January 2025; and (iii) Introduction of the tax on virtual assets will be deferred from its expected start date of 1 January 2023 to 1 January 2025. The final bills legislated contained several changes from the original tax reform proposals announced on 21 July 2022.

A Tax Alert prepared by EY's People Advisory Services group, and attached below, provides additional details.



Full text of Tax Alert


The information contained herein is general in nature and is not intended, and should not be construed, as legal, accounting or tax advice or opinion provided by Ernst & Young LLP to the reader. The reader also is cautioned that this material may not be applicable to, or suitable for, the reader's specific circumstances or needs, and may require consideration of non-tax and other tax factors if any action is to be contemplated. The reader should contact his or her Ernst & Young LLP or other tax professional prior to taking any action based upon this information. Ernst & Young LLP assumes no obligation to inform the reader of any changes in tax laws or other factors that could affect the information contained herein.


Copyright © 2023, Ernst & Young LLP.


All rights reserved. No part of this document may be reproduced, retransmitted or otherwise redistributed in any form or by any means, electronic or mechanical, including by photocopying, facsimile transmission, recording, rekeying, or using any information storage and retrieval system, without written permission from Ernst & Young LLP.


Any U.S. tax advice contained herein was not intended or written to be used, and cannot be used, by the recipient for the purpose of avoiding penalties that may be imposed under the Internal Revenue Code or applicable state or local tax law provisions.


"EY" refers to the global organisation, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients.


Privacy  |  Cookies  |  BCR  |  Legal  |  Global Code of Conduct