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Finalized version of Korea’s tax code overhaul announced

Finalized version of Korea’s tax code overhaul announced

SEOL: Korea’s finance ministry has announced the finalized details of its tax code revision and with the new change, businesses will be backed to give quality jobs.

The revision centers around giving more tax incentives to smaller firms and startup companies, as well as to job-creating industries.

Tax breaks of up to some 65-hundred U.S. dollars, will be offered to small and mid-sized firms that hire full-time employees.

And for companies that hire young or disabled Koreans as regular employees,they will be eligible to receive tax benefits worth up to 94-hundred dollars.

Apart from the job related benefits, the new tax code also touches on curbing rising housing prices by levying an additional tax on owners of multiple homes, and hiking the highest corporate income tax rate.