Seoul, December 25 (QNA) – South Korea’s National Assembly passed the 638.7 trillion won about ($497 billion) of government budget for 2023 as well as bills to cut corporate tax rate and delay financial investment income tax amid signs of economic slowdown.
The bill passed 251-4, with 18 abstentions, in an assembly where the DP holds a majority of 169 out of 300 seats, according to South Korea’s Yonhap News Agency.
The final package was down 314.2 billion won from the government proposal of 639.4 trillion won.
The plenary session approved an amendment on cutting the corporate tax rate by 1 percentage point in each of the four tax brackets, which would bring the highest tax rate of 25% down to 24%.
Rival parties also passed another amendment to postpone imposing taxes on income of more than 50 million won from investments in stocks, bonds and other financial products by two years to January 2025. (QNA)
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