Skip to content
Subscriber Only

South Korea Hikes Corporate Taxes, Boosts Hiring for Public Jobs

  • Tax rate for top earning companies to rise to 25 percent
  • Budget includes plans to hire about 9,500 government officials
Bloomberg business news

South Korea Hikes Corporate Tax Rate

Updated on

South Korea raised the income-tax rate for the nation’s highest-earning companies, as President Moon Jae-in seeks to fulfill his vows to fight inequality and create jobs.

The tax vote came just hours before the nation’s parliament passed a 428.8 trillion won ($390 billion) budget for 2018 just after midnight in Seoul on Wednesday. The budget is expected to raise revenue by nearly 8 percent to help fund spending on public-sector jobs and social welfare programs.