President Lee Myung-bak said on the 22nd, regarding criticism of the tax reform plan, “Criticism that it’s tattered and in shreds? Policies are different from the truth.” In an interview with reporters at the Cheong Wa Dae presidential office that day, President Lee responded to criticism that the government’s tax reform plan was insufficient, saying, “If you look at the scale, it’s not that small.” Regarding the criticism that the plan was watered down while in the National Assembly, he said, “The National Assembly has its own function. It’s not that we didn’t try, but it’s not that we could get everything we wanted.” On the same day, the government decided on the 2011 tax reform plan, which included an increase in the financial income tax and the securities transaction tax, and a reduction in the tax burden on the low-income class and on small and medium enterprises. The government plan, however, did not include an increase in the corporate tax rate, which was proposed by the opposition Democratic Party. The government’s plan is expected to face fierce resistance from the opposition party and some members of the ruling Grand National Party. The government’s plan is expected to be implemented after passing the National Assembly.
We haven't written up this one. Hankyoreh has the full story — the link below goes straight to it.
