SEOUL– 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
Source: Yonhap News Agency