April 27, 2024
Economy
Moon Jae-in gov’t to increase taxes
[THE INVESTOR] The new Moon Jae-in administration will likely revise tax codes in the second half of the year, government officials said on May 15.
On the campaign trail, President Moon promised to focus more on job creation and expanding welfare for young people. In particular, he said his government will create some 800,000 public jobs during his five-year term, grant an allowance to young job seekers and offer public residence to newlyweds at lower rent.
Many estimated that some 178 trillion won (US$158 billion) will be necessary to carry out Moon’s campaign pledges in the coming five years.
The president has suggested a hike in corporate and income taxes, and a removal of tax exemptions and benefits to secure 31.5 trillion won over the next five years.
“Tax issues are sensitive. We are trying to handle it carefully and gradually,” an official who is close to the matter said on the condition of anonymity.
By Alex Lee and newswires (alexlee@heraldcorp.com)
On the campaign trail, President Moon promised to focus more on job creation and expanding welfare for young people. In particular, he said his government will create some 800,000 public jobs during his five-year term, grant an allowance to young job seekers and offer public residence to newlyweds at lower rent.
Many estimated that some 178 trillion won (US$158 billion) will be necessary to carry out Moon’s campaign pledges in the coming five years.
The president has suggested a hike in corporate and income taxes, and a removal of tax exemptions and benefits to secure 31.5 trillion won over the next five years.
“Tax issues are sensitive. We are trying to handle it carefully and gradually,” an official who is close to the matter said on the condition of anonymity.
By Alex Lee and newswires (alexlee@heraldcorp.com)
