24
Dec
07

The Ronald Reagan of South Korea?

Okay, the title’s probably a big exaggeration, but Tax-news.com reports that the new President of South Korea wants to cut tax rates and reduce the burden of government spending. Combined with other steps to reduce needless regulation, it appears the Asian nation is going to take big steps in the right direction:

President-elect of Korea Lee Myung-bak, who will be inaugurated in February, has proposed swingeing tax cuts and other market-friendly policies for his new administration. …Lee has pledged 12.6 trillion won in tax cuts, lowering the maximum corporate tax rate by stages to 20% from the current 25% and lowering oil-related taxes by 10%, paying for it by reducing government expenditures by as much as 20 trillion won. He also promises reductions in real-estate taxes. Lee says he will ease rules that restrict industrial groups from controlling banks. The current law bans industrial firms from owning more than 5% of a bank. He will also privatize major swathes of state-owned economic sectors, he said.

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