tax reform-gist
Gist of South Korea's tax cut plan
SEOUL, July 21 (Yonhap) -- The following are the key features of the government's tax revision announced Thursday, which calls for cutting corporate and income taxes in a move to boost corporate investment and to reduce the tax burden on people amid high inflation.
To invigorate economic momentum
- to boost corporate competitiveness
- to strengthen tax support for employment, investment
- to support smooth succession of corporate control of businesses
- to vitalize financial market
To stabilize people's livelihoods
- to reduce tax burden on ordinary people, middle-income families
- to support small merchants, small- to mid-sized companies
- to strengthen balanced regional development
- to normalize taxation system in real estate sector
To expand tax infrastructure
- seeking measures to figure out people's exact income, sources of taxation
- strengthening management, supervision to prevent tax avoidance
- introducing global minimum tax system
To create taxpayer-friendly environment
- devising measures to protect taxpayers' rights
- presenting ways to boost convenience of taxpayers
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