Korean President May Be Asked To Veto Corporate Tax Cuts Bill
The ruling Millennium Democratic
Party (MDP) has revealed that it may ask Korean President Kim Dae-jung to veto
a bill on corporate tax cuts if it is endorsed by the National Assembly. The revision bill, which
has the support of the opposition Grand National Party (GNP), calls for the
corporate tax rates for companies whose tax base exceeds 100 million won to
be lowered from 28% to 26%. It also calls for a reduction from 16% to 14% for
businesses with a tax base smaller than 100 million won. However, MDP officials are
strongly opposed to the planned legislation, and have claimed that the opposition
are simply trying to curry favour with the country's business sector before
the presidential elections next year. 'The bill is aimed at reducing
the tax burden on corporations while shifting it to the general public,' an
MDP spokesman said on Friday. 'If it passes through the plenary session of the
Assembly, we will consider pleading with President Kim to use his veto power.' .
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