▪ The 8th plenary session of the 403rd National Assembly (February 27, 2023), deliberated on and amended the Local Tax Act, which will be implemented in 2023.
▪ Deliberation progress
▪ The effects on tax revenue from the Local Tax Act amendments
▪ [Acquisition tax] Expansion of acquisition tax reductions or exemptions for first-time homebuyers
▪ [Property tax] New residential property tax base cap, etc.
▪ [Acquisition and property taxes] Expansion of local tax reductions or exemptions for corporate research centers in the new growth engine and original technology fields
▪ [Acquisition tax, etc.] Adjustments to local tax reductions or exemptions for social welfare corporations, etc.
▪ [Local income tax] Reduced tax rates for each tax band for local corporate income tax
▪ [Local income tax] Tax band adjustment for local individual income tax