The Korean Corporate Income Tax law was amended to lower Korean corporate income taxes for 2023. The amendment is applicable for the year 2023 or until amended. For an article on the reduction in Korean Stock Transaction Taxes please see: Korean Stock Transaction Taxes.
| Tax Basis | 2022 (Local Income Tax) | 2023 (Local Income Tax) |
| Less than KRW 200 million | 10% (11%) | 9% (9.9%) |
| KRW 200 million to KRW 20 billion | 20% (22%) | 19% (20.9%) |
| KRW 20 to KRW 300 billion | 22% (24.2%) | 21% (23.1%) |
| More than KRW 300 billion | 25% (27.5%) | 24% (26.4%) |
For a consultation with an attorney or our in-house CPA, schedule a call with IPG Legal. Please note, that we have an affiliated tax accountant and CPA that files taxes for foreign businesses, foreign employees, and entrepreneurs. Please note your specific need when scheduling a call and we shall get the right person on the line for your call with us.
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