A South Korean parliamentary committee has agreed to a 2% cut in corporate tax commencing in 2005, as the government attempts to stem the falling levels of foreign direct investment entering the country’s economy.
The bill, passed last week by the finance and economy subcommittee, will see the main corporate tax rate reduced to 25% for companies with taxable income of more than 100 million won ($84,000). Meanwhile, firms with an income of less than 100 million won will also see corporate tax cut by 2% to 13%.
The bill now awaits the approval of the legislation and judiciary committee, and the general assembly.
If passed, the measure could shave some 1.8 trillion won off the nation’s corporate tax burden, according to government officials.
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