The government says it will expand tax benefits and other measures for companies moving to provincial areas to foster balanced development throughout the nation.

The government announced a two-step policy package on Monday, aimed at prompting companies that have successfully created jobs in the metropolitan areas to relocate to less-developed and under-developed regions.

The government will start by cutting corporate and income taxes for companies that move to provincial areas for up to ten years from the current seven years.

Taxes will be cut by 100 percent for the first seven years and by 50 percent for the remaining three years.

The government will also double its financial support of companies moving to under-developed areas to help shoulder more of the associated relocation costs.

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