The South Korean government has announced reductions in personal income tax rates, which will now range between 9% and 36%, compared with the previous range from 10% to 40%. There will also be new deductions for the elderly and disabled.
The government will also introduce tax breaks for workers who participate in the Employee Stock Ownership Plan (ESOP). A meeting of economy-related ministers presided over by Deputy Prime Minister Jin Nyum decided to allow up to 2.4 million won (US$1,896) in tax breaks for ESOP contributions. The ministers also agreed to allow deduction of corporate contributions to ESOPs against corporation tax.
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