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지나쌤

Tax policy to be implemented with focus on low birth rate, youth unemployment

By Yonhap

Published : April 23, 2018 - 10:18

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SEJONG -- South Korea's tax policy will be implemented in a way that helps resolve the country's chronic low birth rate and high unemployment among young people, the finance ministry said Monday.

During a long-term tax policy review session, Deputy Finance Minister Ko Hyung-kwon said the tax policy should be revamped to better allow the country to deal with pressing issues that can adversely affect long-term growth.

The tax authorities should redouble efforts to secure stable tax revenue to finance increasing budget spending in line with changes in the country's demographic and social structure, he added.

(Yonhap) (Yonhap)

The finance ministry plans to submit a long-term tax policy road map to the National Assembly in September this year.

Early this month, the government unveiled a set of measures, including bolder financial and tax incentives and the use of a 3.9 trillion-won ($3.64 billion) extra budget, to respond to the high jobless rate among young people.

President Moon Jae-in has called for all-out efforts to create new quality jobs for young people and has warned that the high youth jobless rate is a national disaster.

Despite various measures taken in the past, youth unemployment has consistently worsened due mainly to structural changes in the country's industrial, educational and labor markets. This in turn has led many young people to put off marriage, which has led to a very low birth rate. (Yonhap)

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