CONTINUEThis site uses cookies. By continuing to browse this site you are agreeing to our use of cookies. Find out more.
  1. Front Page
  2. News By Topic
  3. Korean President May Be Asked To Veto Corporate Tax Cuts Bill

Korean President May Be Asked To Veto Corporate Tax Cuts Bill

by Mary Swire, Tax-News.com, Hong Kong

24 December 2001


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.'


To see today's news, click here.

 















Tax-News Reviews

Cyprus Review

A review and forecast of Cyprus's international business, legal and investment climate.

Visit Cyprus Review »

Malta Review

A review and forecast of Malta's international business, legal and investment climate.

Visit Malta Review »

Jersey Review

A review and forecast of Jersey's international business, legal and investment climate.

Visit Jersey Review »

Budget Review

A review of the latest budget news and government financial statements from around the world.

Visit Budget Review »



Stay Updated

Please enter your email address to join the Tax-News.com mailing list. View previous newsletters.

By subscribing to our newsletter service, you agree to our Terms and Conditions and Privacy Policy.


To manage your mailing list preferences, please click here »