(MENAFN) The total of tax benefits to individuals and companies in South Korea will plummet 1 percent in 2016 from this year as the government hit the brakes on support for large businesses.
Furthermore, according to the National Assembly's latest report, tax credits and deductions are forecasted to be at USD30.1 billion in 2016, a USD28 billion drop from the current year.
As far as individuals are concerned, their tax breaks will total to USD21.3 billion in the following year, a 0.4 percent decline from 2015, thus high income receivers will get USD7.2 billion.
As for firms, Tax benefits are projected to decrease 2.7 percent on-year to USD8.2 billion next year, with large businesses expecting their benefits to drop 10.6 percent on-year to reach USD1.9 billion.
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