Highlights and Issues of Tax Revision Bills of the 19th National Assembly
Published July, 2016
Taxation policy is becoming increasingly complicated in tandem with the evolution and development of a broad spectrum of economic life. Recently, as taxation serves as both a major source of revenue and a tool for economic policy, more detailed tax law is required than ever before.
The 19th National Assembly
(May 30, 2012 - May 29, 2016) actively discussed amendment of tax law in order to establish a desirable taxation system that reflects changes in the economic and policy environment and ensures fairness and efficiency. Of the 17,822 bills that were introduced in the 19th National Assembly, 942 of them, or 5.3%, were proposed tax revisions, with 302 of those reflected in amendments, representing a 32% adoption rate. The other 640 proposed tax revisions (68%) were scrapped due to termination of the 19th National Assembly term or for other reasons.
The bills that passed National Assembly deliberations, as well as a majority of the bills that were ultimately scrapped, went through in-depth discussions in the legislature, including in the
Tax Subcommittee. Therefore, confirming the deliberation process and issues of major tax revision bills will be of use for in-depth discussions regarding tax bills and their enactment during the 20th National Assembly.
In light of this, NABO has released a report that compiles the highlights, deliberation process, adoption results and issues of major tax-related bills reviewed by the 19th National Assembly. We expect that this report will serve as a valuable reference for the legislative activities of the 20th National Assembly.