Cabinet approves bill to raise tax on corporate income by 1 percentage point

The Cabinet on Tuesday approved a bill raising tax rates on corporate income by 1 percentage point across all taxable income brackets starting next year, as the government seeks an expansionary fiscal policy. Under the revised scheme, companies with taxable income above 300 billion won ($203.2 million) will be subject to a 25 percent, rate while income between 20 billion won and 300 billion won will be taxed at 22 percent. The top corporate tax rate was last lowered to 24 percent under the previous Yoon Suk Yeol administration in 2022 in an effort to help local firms boost investment. The main opposition People Power Party has largely opposed the tax hike, arguing it would dampen corporate investment and burden companies. The bill was passed by the National Assembly earlier this month.Weiter zum vollständigen Artikel bei Korea Times Weiter zum vollständigen Artikel bei Korea Times