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Minister Vows Early Tax Cut

News2008-05-16
Minister Vows Early Tax Cut

Minister of Strategy and Finance Kang Man-soo has vowed to make a tax cut soon to revitalize the market.

In a meeting with local tax office chiefs at the National Tax Service Friday, Kang said an early tax cut will spur investment and domestic demand.

He also said the 22-point-seven percent national tax burden last year is higher than that of neighboring rivals. Kang vowed to lower the rate to 20 percent by 2012 through continued tax cuts.

To that end, he promised a fundamental tax reform including a slashing of corporate taxes starting this year.

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