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2012110847

Date of submission: April 14 2016


Corporate tax increase sparks debate

Koreas corporate tax revenue is projected to surpass the government-set target of 46 trillion won
($40.2 billion) this year, breaking a previous record of 45.9 trillion won reached in 2012. This
projected increase in corporate tax revenue comes as local companies have seen their operating
profits improving due to strenuous cost-saving efforts amid worsening business conditions. However,
some argue that increasing corporate taxes would lead to weakening business activities and prodding
companies to move abroad, particularly at a time when major advanced economies have been
competitively lowering taxes levied on corporate profits. In addition, increasing national revenue needs
to be pursued in a broader framework that takes into account raising income and value-added taxes as
well as levies on corporate profits.

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