On 17 October 2022, South Korea’s Ministry of Economy and Finance (MOEF) announced an exemption from tax on interest income derived from government bonds and monetary stabilization bonds. This exemption is temporary and will be applicable from 17 October 2022 to 31 December 2022 for non-residents and foreign corporations.
The Korean government planned to implement this exemption starting in January 2023 after the approval of the Tax Reform Plan which was announced in July this year but provided the exemptions early because the Korean currency weakened against the US dollar.
