SEOUL: S Korean finance minister Choi Kyung-hwan has stressed it would be ill-advised for South Korea to mark up tax rates when other neighboring countries are doing the opposite. The finance minister pointed out that such a move can slow down economic recovery, and slower growth can lead to less taxes being collected.
Choi, who doubles as deputy finance minister, said instead of raising corporate taxes, more effort should be placed on streamlining the various tax exemptions given to big companies. Corporate taxes became a central issue after the government has taken flak for burdening individuals to cover greater welfare expenses while refraining from raising the rate for companies.
