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Korean Tax Cuts Coming In June,
by Mary Swire, Tax-News.com, Hong Kong
Monday, May 05, 2008
It was announced on Thursday that the Korean government's first phase of corporate
tax cuts will be coming into force next month.
In a radio interview, Vice Finance Minister, Choi Joong Kyung announced that
the corporate tax rate would be cut from 25% to 22% in June, in a move designed
to assist in the government's drive to improve the business environment in Korea.
There are plans to cut the rate still further in coming years, bringing it
down to between 10% and 20% by 2013.
According to regional media reports, Choi observed that: "A high corporate
tax rate scares away investors, takes away chances of creating new jobs."
He explained that:
"South Korea is faced with various difficulties including rising oil and
grain prices. We have to take steps and make an environment so companies will
invest, because all economic indicators point downwards, meaning the economy
is entering a downturn."
Plans for a supplementary budget bill making use of last year's tax surplus
have been scrapped, Choi further revealed, in the interests of returning the
surplus to the private sector as soon as possible, thereby stimulating the economy.
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