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Title Main Contents of the Revised Tax Act to be Enforced in 2018, and Key Areas of Deliberation

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    141
  • Date
    2017-12-12
Main Contents of the Revised Tax Act to be Enforced in 2018, and Key Areas of Deliberation

The first tax law revision of the new administration, the 2017 Tax Code Revision, as well as the legislator-proposed tax code revision bill were finalized through a resolution at the National Assembly plenary session on December
8th. By introducing the main details and deliberation process of the revised tax code approved by the National Assembly in December 2017, this report aims to help the general public understand the new Tax Code to be enforced as of 2018. In this report, the main details of the revised tax code are summarized along with an estimation of the consequent tax revenue effect. Also, by listing the key discussion points raised during the deliberation process by specific agenda items, this report aims to share the concerns raised during the policy decision-making process along with remaining tasks moving forward. Furthermore, by analyzing the proposals and revisions made by the National Assembly, the report endeavors to shed light on the role of the National Assembly in the revision process.

□ Main Details
◦ Main details of the revised Tax Code
◦ Tax revenue effect of the Tax Code revision
◦ Core discussion points raised during the deliberation process of specific agenda items
◦ Proposals and revisions made by the National Assembly
◦ 2018 total revenue and national tax income budget confirmed by the National Assembly
◦ Future discussion topics
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