tax reform-gist

Gist of South Korea's tax cut plan

SEOUL, July 21 (Yonhap) -- The following are the key features of the government's tax revision announced Thursday, which calls for cutting corporate and income taxes in a move to boost corporate investment and to reduce the tax burden on people amid high inflation.

To invigorate economic momentum

- to boost corporate competitiveness

- to strengthen tax support for employment, investment

- to support smooth succession of corporate control of businesses

- to vitalize financial market

To stabilize people's livelihoods

- to reduce tax burden on ordinary people, middle-income families

- to support small merchants, small- to mid-sized companies

- to strengthen balanced regional development

- to normalize taxation system in real estate sector

To expand tax infrastructure

- seeking measures to figure out people's exact income, sources of taxation

- strengthening management, supervision to prevent tax avoidance

- introducing global minimum tax system

To create taxpayer-friendly environment

- devising measures to protect taxpayers' rights

- presenting ways to boost convenience of taxpayers

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