Tax code revision to focus on fairer taxation, spurring job creation
- 6 years ago
The Korean government will revise the tax code this year... in a way that makes taxation fairer... and speeds up job creation and innovative growth.
The measures were discussed on Thursday at a policy coordination meeting between the ruling Democratic Party of Korea and the government.
The core of the revision is to improve income distribution... by lowering taxes on those in the low-income bracket... while raising real estate taxes... and drawing up measures to prevent offshore tax evasion.
The two sides also agreed to step up job subsidies for those in the low-income bracket,... as well as to increase the number of people eligible for child benefits.
The revision will also entail tax cuts for companies that invest in research for new technologies... as well as for those that create new jobs.
The government will soon announce a comprehensive plan -- which the National Assembly aims to pass during parliament's regular session which starts in September.
The measures were discussed on Thursday at a policy coordination meeting between the ruling Democratic Party of Korea and the government.
The core of the revision is to improve income distribution... by lowering taxes on those in the low-income bracket... while raising real estate taxes... and drawing up measures to prevent offshore tax evasion.
The two sides also agreed to step up job subsidies for those in the low-income bracket,... as well as to increase the number of people eligible for child benefits.
The revision will also entail tax cuts for companies that invest in research for new technologies... as well as for those that create new jobs.
The government will soon announce a comprehensive plan -- which the National Assembly aims to pass during parliament's regular session which starts in September.