I. Overview

The 2019 tax law amendments that were passed in the National Assembly includes various changes in tax laws aiming to revitalize the economy, support innovative growth, enhance economic and social tolerance and equality, and to promote rationalization of the tax system and expansion of the tax collection period. After the pre-announcement of legislation period (’20.1.6 ~ ’20.1.28), on February 4, 2020, the cabinet council of the Korean government has approved 20 amendments to the Enforcement Decrees of tax laws to outline specific provisions to the 2019 tax law revisions. The amendments to the Enforcement Decrees will be officially announced and effectuated during February 2020.