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Tax revision to focus on job creation: finance minister

All News 09:07 July 21, 2016

SEOUL, July 21 (Yonhap) -- South Korea's finance ministry on Thursday said revisions to taxes set to take effect in 2017 will focus on revitalizing the national economy and creating more jobs.

"The decision by Britain to exit the European Union has sparked uncertainties at home and abroad," Finance Minister Yoo Il-ho said during a meeting with the ruling Saenuri Party. "Accordingly, future tax-related changes will aim to beef up the economy and stabilize the lives of the people."

The country's top economic policymaker added he will make the taxation system become "employment-friendly" to minimize the fallout of the latest corporate restructuring efforts.

South Korean shipbuilders and shippers have been struggling to cope with an industrywide slump following substantial losses last year. The restructuring has emerged as a major concern for the national economy as it may also come with massive layoffs.

"We will focus on easing tax burdens for workers of small and medium-sized firms, private firms, farmers and fishermen," the official who doubles as deputy prime minister in charge of economic affairs added.


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