Choo Kyung-ho: "Corporate Tax and Family Business Inheritance Tax Reform... Economy Led by Private Sector and Supported by Government"

[Image source=Yonhap News]

[Asia Economy Sejong=Reporter Kim Hyewon] Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho said on the 2nd, "The government will actively support corporate-led investment and job creation through bold regulatory reforms across ministries and tax system reforms related to corporate tax, business inheritance, and corporate succession."

In his opening remarks at a meeting with heads of economic organizations held at the Korea Chamber of Commerce and Industry on the same day, Deputy Prime Minister Choo stated, "The new government plans to operate economic policies based on the principle of a 'dynamic economy driven by the private sector and supported by the government,' with growth, investment, and job creation led by the private sector and corporations."

He also expressed welcome and gratitude for the recent announcement of large-scale investment plans by major domestic companies. Eleven major domestic groups announced that they will invest a total of 1,060.6 trillion won over the next five years following the launch of the Yoon Seok-yeol administration.

Deputy Prime Minister Choo cited price stabilization as the top immediate priority. He urged, "Competitive price and wage increases in each sector could rather cause a vicious cycle of inflation," and requested, "Companies should absorb price increase factors as much as possible through productivity improvements within their capabilities."

He added, "Due to recent rises in international oil prices and raw material prices, inflation is showing instability, and consumer price inflation in the 5% range is expected to continue for the time being," and asked for cooperation to "create a corporate ecosystem of autonomy, coexistence, and cooperation that shares the burden of rising material costs at an appropriate level, and to join forces in solving the challenges of economic slowdown and inflation."

Deputy Prime Minister Choo also said, "We will actively review difficulties felt in the economic field as well as suggestions for improving the business environment and faithfully reflect them in future policies."

Attendees at the meeting included Chey Tae-won, Chairman of the Korea Chamber of Commerce and Industry; Sohn Kyung-shik, Chairman of the Korea Employers Federation; Huh Chang-soo, Chairman of the Federation of Korean Industries; Kim Ki-moon, Chairman of the Korea Federation of SMEs; Choi Jin-sik, Chairman of the Korea Association of Mid-sized Enterprises; and Lee Kwan-seop, Executive Vice Chairman of the Korea International Trade Association.

This content was produced with the assistance of AI translation services.