Gist of 2024 tax code revisions

The following are the key features of the tax code revisions unveiled by the finance ministry Thursday that aim to help spur economic growth and support the livelihoods of the people.

To underpin economic dynamism

– promoting investment, employment, regional development

– enhancing corporate competitiveness

– reinvigorating capital market

To revive economy for general public

– supporting marriage, childbirth, child rearing

– easing burdens of vulnerable people, middle classes

– backing small merchants, small- and mid-sized businesses

To rationalize taxation system

– adjusting tax burdens reasonably, making tax scheme efficient

– modifying tax-free, tax deduction measures

– boosting transparency of tax revenue base

To create taxpayer-friendly environments

– improving taxpayers’ convenience

– protecting taxpayers’ rights

Source: Yonhap News Agency