Nat’l Assembly Passes 2023 Budget, Cuts Corporate Tax

SEOUL, Dec. 24 (Korea Bizwire) — The National Assembly on Saturday passed the 638.7 trillion won (US$497 billion) of government budget for 2023 as well as bills to cut corporate tax rate and delay financial investment income tax amid signs of economic slowdown. The ruling People Power Party (PPP) and the main opposition Democratic Party [...]

Nat’l Assembly Passes Record 607.7 tln-won Gov’t Budget for 2022

SEOUL, Dec. 4 (Korea Bizwire) — The National Assembly passed the 2022 government budget Friday, a record high amount of 607.7 trillion won (US$516.3 billion) to cope with the economic fallout of the COVID-19 pandemic and other expenses. The bill’s passage came a day after the legal deadline, as last-minute negotiations between the ruling Democratic [...]