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SEOUL MOVES TO CUT TAX BENEFITS FOR WELFARE SPENDING.
SEOUL, Feb 1 Asia Pulse - South Korea is accelerating its efforts to cut a variety of tax incentives in a bid to help fund increasing spending on social welfare policies.
On Tuesday, the government announced a plan to cut down on tax deductions for millions of wage earners from next year, the first move to secure money after South Korean President Roh Moo-hyun said in his New Year press conference last week that more money is needed to fund social welfare polices and create more jobs.
According to the Finance Ministry, some 4.75 million wage earners without children and unmarried people may not be eligible for annual tax deductions.
Should the planned move be approved by the National Assembly, the government will be able to raise 4.9 trillion won (US$5.08 billion), as well as an additional 5.6 trillion won by shutting down unsuccessful or redundant government projects, the ministry estimated.
"It does not make sense to give tax incentives for childless families in an era of a low birth rate," said Kim Yong-min, director general of the ministry's tax policy bureau.
The official said the ministry is studying ways of reducing tax deductions for dividend incomes earned by institutional investors.
Also, the ministry plans to cut tax deductions on corporate spending on facility upgrades or machinery purchases to 7 percent this year from the 10 percent offered last year, ...
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Source: HighBeam Research, SEOUL MOVES TO CUT TAX BENEFITS FOR WELFARE SPENDING.