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New Korean President To Slash Taxes,
by Mary Swire, Tax-News.com, Hong Kong
Thursday, December 27, 2007
President-elect of Korea Lee Myung-bak, who will be inaugurated in February,
has proposed swingeing tax cuts and other market-friendly policies for his new
administration.
The existing administration has not been particularly business-friendly, as
many foreign investors have found to their cost. Lee, a former chief executive
of Hyundai Construction and Engineering, has vowed to put a priority on reinvigorating
the economy, promising 7% economic growth by stimulating domestic and foreign
investment.
Lee has pledged 12.6 trillion won in tax cuts, lowering the maximum corporate
tax rate by stages to 20% from the current 25% and lowering oil-related taxes
by 10%, paying for it by reducing government expenditures by as much as 20 trillion
won. He also promises reductions in real-estate taxes.
Lee says he will ease rules that restrict industrial groups from controlling
banks. The current law bans industrial firms from owning more than 5% of a bank.
He will also privatize major swathes of state-owned economic sectors, he said.
Lee's party is in opposition in the legislature, although it is expected to
win elections due in April, 2009, leaving four years in which Lee can implement
his policies.
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