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South Korean National Assembly Considering Tax Measures to Address Natural Resource Supply Instability — Orbitax Tax News & Alerts

South Korea's National Assembly is considering a draft bill submitted on 25 May 2022 that includes measures designed to help address natural resource supply instability. The main measures include:

  • A corporate income tax exemption for dividend income derived from investments in overseas resource development until 31 December 2025;
  • The inclusion of foreign subsidiaries wholly owned by a South Korean resident as eligible for the integrated investment tax credit scheme; and
  • A special tax credit for investments in the development of overseas mineral resources until 31 December 2025.

Subject to approval, the measures would apply from 1 January 2023.