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S. Korea looking to expand number of firms eligible for minimum corporate tax rate Updated: 2022-06-27 13:26:16 KST

The South Korean government is looking to help smaller businesses by letting more companies into the lowest bracket for corporate income taxes.
The lowest rate is currently 10 percent, but it's only for very small businesses with net income of less than about 155-thousand U.S. dollars a year.
Above that, it goes to 20 percent for companies making up to 15 million dollars.
The Yoon administration is promoting growth led by the private sector.
It also wants to lower the top rate for corporate taxes from the current 25 percent to 22 percent.
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