Korean Institute of Certified Public Accountants Publishes 2021 Tax Handbook

[Asia Economy Reporter Ji-hwan Park] The Korean Institute of Certified Public Accountants announced on the 6th that it has published the '2021 Tax Handbook' for tax experts and tax practitioners.

The newly published Tax Handbook includes the latest 2021 tax law amendments in full, such as △Extension of the carryforward loss deduction period (from 10 years to 15 years) and the increase of the threshold amount for small entertainment expenses without proper documentation (from under 10,000 KRW to under 30,000 KRW) △Establishment of a new comprehensive income tax bracket exceeding 1 billion KRW (tax rate = 45%) and taxation of income generated from the transfer or lending of virtual assets as other income starting in 2022 △Increase of the simplified tax system application threshold (total supply value in the previous year less than 48 million KRW → less than 80 million KRW). The Korean Institute of Certified Public Accountants has been the only organization in the tax industry to publish an annual Tax Handbook covering all tax law contents since 1989.

A representative of the Korean Institute of Certified Public Accountants stated, "We published this handbook to help readers understand the complex tax system by providing summarized descriptions, arranging content according to the order of legal provisions, supplementing related precedents and cases, and presenting relevant grounds," adding, "We hope it will become an essential guidebook for tax experts such as certified public accountants and corporate tax practitioners."

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