Tax code revision to focus on fairer taxation, spurring job creation
- 6 years ago
The Korean government will revise the tax code this year.. to make taxation fairer... and speed up job creation as well as innovative growth.
At a policy coordination meeting today.... the ruling Democratic Party of Korea and the government discussed such measures.
At the core of the revision is ways 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,... and to increase the number of people eligible for child benefits.
The revision is going to entail tax cuts for companies that invest in research for new technologies... as well as for those that create new jobs.
The government will announce a comprehensive plan soon -- which the National Assembly hopes to pass during parliament's regular session that starts in September.
At a policy coordination meeting today.... the ruling Democratic Party of Korea and the government discussed such measures.
At the core of the revision is ways 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,... and to increase the number of people eligible for child benefits.
The revision is going to entail tax cuts for companies that invest in research for new technologies... as well as for those that create new jobs.
The government will announce a comprehensive plan soon -- which the National Assembly hopes to pass during parliament's regular session that starts in September.