The government’s new tax plan will reduce the income tax burden on middle and working class families by as much as 830-thousand won per person.

According to this year's revised tax code announced on Thursday, this will be achieved through an adjustment of the tax brackets raising each range’s minimum taxable earnings in a bid to push more people down to a lower bracket.

Income tax deductions for office workers' meal expenses will also be raised from 100-thousand to 200-thousand won per month to help with rising food costs.

The government will also revise property taxes, basing comprehensive real estate holding tax on the combined value of property owned instead of the number of units. Heavy taxation on multiple home owners will also be scrapped.

The government explained that the changes are in line with tax principles designed to reduce the tax burden and ensure stable housing conditions.

At present, single home owners face a maximum three percent holding tax, while owners of multiple homes are taxed at six percent. Such differentiation will be eliminated next year, replaced by a single maximum rate of two-point-seven percent applied in accordance with the value of property holdings.