The finance ministry on Thursday disclosed a revised set of tax codes under which newlyweds who register their marriages after January 1 of this year will be able to get a combined tax deduction of one million won, or roughly 720 U.S. dollars.  

The so-called “marriage deduction” will be applied for three years only. 

Also under the revised codes, tax credits given per child in a household will be raised by 100-thousand won. 

In a bid to lessen the burden of paying inheritance taxes, the government decided to lower the highest rate of inheritance taxes to 40 percent, making such changes for the first time in 25 years. 

The government also plans to double tax credits for value-up and scale-up companies that inherit the family business and expand the scope of companies who will enjoy such tax breaks.