Korean Institute of Certified Public Accountants Publishes 2022 Tax Guidebook

[Photo by Korean Institute of Certified Public Accountants]

[Asia Economy Reporter Lee Jung-yoon] The Korean Institute of Certified Public Accountants announced on the 22nd that it has recently published the '2022 Tax Handbook' for tax experts and tax practitioners.

The Tax Handbook includes the latest tax law amendments for this year, such as the reduction of the interest rate on late payment penalties, the introduction of a penalty for incomplete submission of expense statements related to company cars, the reintroduction of tax credits for electronic invoice issuance, the expansion of the business inheritance deduction and the increase of the farming inheritance deduction limit, and the allowance of inheritance deductions for cohabiting spouses of direct descendants.

A representative of the Korean Institute of Certified Public Accountants stated, "It was published to help understand the complex tax system by providing a summary format and arrangement according to the order of the articles, supplemented with related regulations, cases, and references." He added, "We hope it will become an essential guidebook for tax experts such as certified public accountants and corporate tax practitioners."

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