1. The Yoon administration announced its first planned tax code revision for 2022 on Thursday. One of the key changes is to lower the top rate of corporate tax to 22%. Other changes include real estate taxes and income tax among the people with low income.
2. South Korea’s top diplomat, Minister Park Jin said on Wednesday that South Korea and Japan agreed to talk about the “possible normalization” of GSOMIA–the intelligence sharing pact, and a possible “lifting” of export restrictions by Japan on Korea.
3. President Joe Biden announced on Wednesday some executive steps on climate while considering issuing a climate emergency declaration. This announcement took place against the backdrop of record-breaking heat waves in the U.S.
