Executive summary on 30 july 2018 koreas ministry of strategy and finance 1 announced the 2018 tax reform proposals the 2018 proposal aimed at improving wealth distribution and sustaining growth the 2018 proposal also includes provisions in line with the organisation for economic co operation and developments oecd base erosion and profit shifting beps action plan 7 among others. Withholding tax on income of dispatched employees of hiring foreign entities further to the tax withholding reform in 2015 user korean entities are required to act as the income tax withholder when paying compensation to a hiring foreign entity for services rendered in korea by foreign employees under a dispatch agreement eg service fees. Of the korean source income to the extent of the korean source income attributable to those investors that the oiv is unable to substantiate pursuant to the korean domestic tax law 7 see global tax alerts korea enacts 2017 tax reform bill dated 28 december 2016 and korea issues 2016 tax reform. Additional corporate income tax bracket the 2018 tax reform adds a new 25 corporate income tax bracket for taxable income in excess of krw300 billion us270 million 5 january 2018 global tax alert korea enacts 2018 tax reform bill ey global tax alert library access both online and pdf versions of all ey global tax alerts copy into your web . Korea 2018 tax reform bill under consideration by national assembly a package of tax reform proposals for 2018 that were submitted to koreas national assembly on 1 september 2017 aim to increase tax revenue to support the countrys expansionary fiscal policies revise corporate tax incentives to
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