Key Points of the Examination of the 2020 Tax Act Revision
Published on 15 December 2020
Published by Tax Policy Analysis Division Ⅰ
The National Assembly reached a consensus on 16 revisions at the 2020 National Tax Act examination after 10 rounds of in-depth discussions, including at the Tax Subcommittee on 230 legislative bills, which were approved at the National Assembly Plenary Meeting on December 2nd and 9th.
This report details the main content and examination process of the revised Tax Act, which the National Assembly reached a resolution on in December 2020. The objective of this report is to enhance the public’s understanding of the Tax Act scheduled to come into force beginning 2021. To this end, the main content of the revised Tax Act is summarized, after which an estimation of the associated tax revenue effects is made, followed by a categorized summary of the main discussion points raised during the examination process. In addition, the revisions made during the National Assembly’s deliberation process are summarized, highlighting the Assembly’s role in the Tax Act revision process.