South Korea signals broad tax lifts

South Korea signals broad tax lifts

South Korea requires raising taxes broadly on the general population, and with the affluent taxed to a greater degree for the purpose  paying for more jobs as well as welfare programs, as the head of the country's presidential jobs committee, Lee Yong-sup informed on Thursday.

The statesman told that advanced countries are used to collecting approximately 25% of GDP in taxes. In 2017, South Korea’s tax burden hit 19.3%. It’s absolutely wrong, the statesman told. +

Lee told that affluent South Koreans ought to pay more taxes, though the statesman didn’t specify the taxes, which would be lifted first.

It turned to be the first official hint of scheduled tax increases by the administration of President Moon Jae-in. This liberal took office on May 10.

Previous authorities have grappled with tax hikes, though negative public sentiment along with a general slowdown in the South Korean economy had made it extremely difficult to impose higher taxes.

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