South Korea's new economic deal in 2018: minimum time salary and higher enterprise tax rate

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headline: South Korea's 2018 economic new deal: minimum time salary and enterprise tax rate up

, new China, December 27, according to Yonhap, the Ministry of finance of Korea planning 27 released the 2018 policy update manual (referred to as the Handbook). It introduced 32 government departments and 239 legal matters that changed next year.


manual provides a minimum wage increase of 16.4% from January 1, 2018 to 6470 won, or 39.36 yuan, to 7530 won in 2017, the highest growth rate in 17 years.

data picture: This is a convenience store in Seoul south of the Yangtze River in December 20, 2017. (Han Lianshe)

is calculated according to the daily standard, 8 hours a day 40 hours weekly 60 thousand and 240 won, 1 million 573 thousand and 770 won, 8480 won and 221 thousand and 540 won were increased more than in 2017. The system does not have the form of employment and the limitation of nationality. According to the provisions of the labor standard law, the minimum wage is applicable to all workers.

will increase the tax burden on super high income and super large enterprises from next year. According to the tax standard, the income tax rate of 3-5 billion won in January 1st has been raised from 38% to 40%, and the highest income tax rate of 500 million Korean won is 42%.

's highest corporate tax rate for the rest of the 300 billion won is up to 25% from the current 22%, when the annual income exceeds 300 billion won.

next April 1st, the Korean government is expected in accordance with the provisions of the real estate "8 - 2" measures in adjusting objects, regions (Seoul, Busan, and the 7 Shizong Gyeonggi District) has 2 residential sales of real estate, the basic tax rate plus 10 percentage points of the rate of charge transfer tax, has more than 3 sets of residential apply the basic tax rate plus 20 percentage points of the transfer rate. It is not related to the duration of possession when selling subscribed housing pre sale rights, and 50% of the transfer income tax shall be applied. return to the Sohu, see more


From: 韩2018年经济新政:最低时薪和企业纳税率上调
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