ey-global-tax-policy-outlook-for-2015
ey-global-tax-policy-outlook-for-2015
ey-global-tax-policy-outlook-for-2015
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South Korea<br />
Tax <strong>policy</strong> and<br />
controversy<br />
Min Yong Kwon<br />
min-yong.kwon@kr.<strong>ey</strong>.com<br />
+82 2 3770 0934<br />
1<br />
| Tax rates (2014–15)<br />
1.1 K<strong>ey</strong> <strong>tax</strong> rates<br />
2014 <strong>2015</strong> Percentage<br />
change<br />
Top corporate income <strong>tax</strong><br />
(CIT) rate (national and local<br />
average, if applicable)<br />
24.2%<br />
(including<br />
local income<br />
<strong>tax</strong>es)<br />
24.2%<br />
(including<br />
local income<br />
<strong>tax</strong>es)<br />
—<br />
Top individual income <strong>tax</strong><br />
rate (national and local<br />
average, if applicable)<br />
41.8%<br />
(including<br />
local income<br />
<strong>tax</strong>es)<br />
41.8%<br />
(including<br />
local income<br />
<strong>tax</strong>es)<br />
—<br />
Standard value-added <strong>tax</strong><br />
(VAT) rate<br />
10% 10% —<br />
Stay up to date with<br />
developments in<br />
South Korea by accessing<br />
EY's <strong>global</strong> <strong>tax</strong> alert library<br />
at www.<strong>ey</strong>.com/<strong>tax</strong>alerts.<br />
EY k<strong>ey</strong> contact<br />
2<br />
| <strong>2015</strong> <strong>tax</strong> <strong>policy</strong> <strong>outlook</strong><br />
2.1 K<strong>ey</strong> drivers of <strong>tax</strong> <strong>policy</strong> change<br />
• <br />
K<strong>ey</strong> drivers of <strong>tax</strong> <strong>policy</strong> include:<br />
• Revitalization of the economy<br />
• Stabilization of public welfare<br />
• Fair <strong>tax</strong>ation<br />
• Rationalization of <strong>tax</strong>ation<br />
Content provision date<br />
21 November 2014<br />
166 | The <strong>outlook</strong> <strong>for</strong> <strong>global</strong> <strong>tax</strong> <strong>policy</strong> in <strong>2015</strong>
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