New South Korean President Outlines Tax Priorities
Mary Swire, Tax-News.com, Hong Kong
12 May, 2017
South Korea's new President, Moon Jae In, says he will take aim at corruption and increase taxes on high earners and Korea's large conglomerates.
While observers have suggested that Moon is unlikely to take any action likely to damage the nascent economic recovery in South Korea, Moon has stated in the past his intention to increase the corporate tax rate from 22 percent to 25 percent for the "chaebol," the giant companies that dominate the economy, in addition to improving corporate governance and cutting government "ties" with such entities.
Moon is also tipped to hike taxes on the country's highest earners when he announces a supplementary budget, expected in the near future.