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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