IMPLEMENTATION LEVEL

National

AFFECTED FLOW

Inflow

ANNOUNCED AS TEMPORARY

No

NON-TRADE-RELATED RATIONALE

No

ELIGIBLE FIRMS

all

JUMBO

No

TARIFF PEAK

No
← back to the state act
Inception date: 01 Jan 2010 | Removal date: open ended
Still in force

Post-migration treatment

Korea's National Assembly passed on 31 December 2009 the tax laws applicable for 2010. From 1 January 2010, the 30% Overseas Assignment Allowance Exclusion was no longer available. Moreover, those already granted the Exclusion were not to be given extensions (previously it had been announced that this Exclusion would continue until 2012). This change applies only to foreign workers employed in Korea and resulted in higher levels of income tax being withheld from foreign employees.
 
Adverse changes were also made to earned income tax exemptions of so-called qualified engineers and technicians. A tax exemption on the royalty income of foreign corporations was abolished.

AFFECTED COUNTRIES

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