AMCHAM commends Korea’s tax reform plan

AMCHAM commends Korea’s tax reform plan

American Chamber of Commerce in Korea Chairman James Kim, right, shakes hands with President Yoon Suk-yeol at Conrad Seoul in this December 2021 file photo. Korea Times photo by Oh Dae-keun

By Park Jae-hyuk

The American Chamber of Commerce in Korea (AMCHAM) is grateful that the Yun Suk-yul government has proposed a tax reform plan that meets the demands of foreign businessmen.

Last Thursday, the government announced various measures to reduce corporate and personal income taxes to encourage investment and reduce taxes. This includes reducing the maximum corporate tax rate from 25% to 22%. The proposal will be submitted to Parliament for approval by September 2.

“AMCHAM is very grateful for the concerns and recommendations of AMCHAM and the foreign business community and the willingness of the South Korean government to respond,” said James Kim, Chairman of AMCHAM.

“We also thank the Government of South Korea for recognizing the importance of FDI incentives and demonstrating that it respects the contributions of stakeholders from the international business community.

The United States is Korea’s largest FDI investment. Being one of the homes, I think it would be better if reform measures were taken. ”

In April, the AMCHAM Board sent a letter to the Presidential Office and made some suggestions for improvement. The Korean business environment has been implemented. The letter, including the signatures of 34 board members, includes restoration of flat tax rates for foreign residents, a restructuring of inheritance tax obligations for foreign residents, increased employment flexibility, reduced CEO risk, and a regulatory environment.

The need for improvement was stated. Active communication to support the transformation of South Korea’s position as a regional hub in Asia.

“More than ever, there is more interest from US companies in investing in South Korea in all industries. South Korea has increased its economic dynamism and foreign investors by adjusting to global standards. It can be attractive to us, “said AMCHAM Chairman.

“Korea’s corporate and personal tax system can be much more competitive than its peers in Asia. At a recent AMCHAM fireside talk event with Prime Minister Akira Han, he is in the AMCHAM business community. Repeated his stance in favor of many of his desires.

 

Credit/Source : KoreaTimes

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