Finance Minister Koo Yun-cheol attedns a meeting held in Haenam, South Jeolla Province, Tuesday. Courtesy of Ministry of Finance and Economy
Korea will review measures to offer income tax cuts for young workers at small and medium-sized enterprises (SMEs) in line with efforts to revitalize regional economies, the finance minister said.
"We will review applying differentiated income tax reduction rates and benefit periods for workers at SMEs," Finance Minister Koo Yun-cheol told reporters during a press event held in the southwestern city of Gwangju on Tuesday.
"In order to achieve economic growth led by regional areas, we will review providing preferential treatment for such regions through tax policies," Koo added.
Currently, Korea offers a 90 percent income tax reduction for young workers at SMEs for a period of five years. Koo's latest remarks indicate the country may offer additional benefits to those based outside the greater Seoul area.
