The Korean government announced tax reform proposals on August 2, 2017. The proposed tax law changes are the first under Korean president Moon Jae-In, elected as the South Korean president earlier in 2017. The changes align with his election pledges of encouraging job creation, youth employment, and corporate investment. Foreign companies invested in Korea should assess how the proposed changes may impact them. The proposals may be subject to some modifications before being finalized for submission to the National Assembly in September. If approved by the National Assembly, most of the proposed changes are expected to be effective on January 1, 2018.