Finance Miniter vows revising of tax code and supplementary budget will hep resuscitate job market

Korea's Finance Minister Yoo Il-ho says thenew tax code will be revised in a way that would encourage firms to hire more workersdespite the ongoing corporate restructuring.

Our parliamentary correspondent Shin Seminhas more on the finance chief's explanation of the new tax code revisions at a meetingof the ruling Saenuri Party and the government.

The new tax code will be more "employment-friendly,"according to Finance Minister Yoo Il-ho.

During a meeting with the ruling Saenuri Partyand the government on Thursday,… Yoo said the revisions to taxes, set to take effectstarting next year, will focus on revitalizing the country's economy as well as making morejobs.

Yoo said the revised tax rule will help minimizethe fallout from the government's ongoing corporate restructuring drive,… and helplower the burden on workers at small and mid-sized firms.

Despite Britain's exit from the European Union sparking uncertainties at home and abroad,…the top economic policymaker added that the revised tax code will help stimulate localeconomy and stabilize the people's livelihoods.

While pressing for a swift parliamentary handlingof the issue,… the finance ministry said the revised tax code will soon be submittedto the National Assembly.

In addition to the tax law revision, the ministeralso rolled out his vision on job creation through the government's supplementary budgetduring a separate meeting with the financial policy advisors.

He projected that the extra government fund will help generate at least 60-thousand morejobs.

Adding that the supplementary budget willfocus on restructuring and mainly assisting employment,… Yoo said the money will alsosupport specific social groups, including senior citizens, to find jobs.

He also said the government will mobilize all means to push its plan of putting morethan 17 billion U.


dollars to resuscitate the local economy in the latter half of theyear,… even if that means expanding policy loans.

Shin Se-min, Arirang News.

Source: Youtube

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