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Impact of Tax Reform Legislation – Tax Cuts and Jobs Act

President Donald Trump signed into tax reform legislation, known as Tax Cuts and Jobs Act on December 22, 2017. The legislation amended various topics in corporate, individual and international tax laws. We have selected a few topics from the Act and introduced them briefly in this article. Please contact us should you need more explanation. Majority of the new regulations are applicable to tax years that begin on or after January 1, 2018.

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Individual Income Tax withheld from monthly salary

Monthly salary

The income tax amount withheld from monthly salary and bonus is calculated according to the withholding tax amount table issued by National Tax Agency. The withholding tax amount table has 3 kinds of categories; Kou-ran, Otsu-ran, Hei-ran.

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