The government is not considering raising value-added taxes or discontinuing its tax exemptions on fuel for farms.

Yun Yeong Seon, the Ministry of Strategy and Finance’s official in charge of tax policies, said the government will seek to strengthen its financial soundness by eliminating other tax exemptions.

Yun went on to say that the government will commission an outside research institute to review its tax system at the end of this month or early next month, and will hold a public hearing to reflect civic opinion on the matter.

Yun also said the government is mulling withholding taxes on the interest income earned by financial institutes beginning January first of next year.

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