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IMF to Advise on Korea"s Tax Reform

Jan 11,1999
The International Monetary Fund(IMF) will send an advisory team to assist in Korea's tax reform.
A source at the Ministry of Finance and Economy (MOFE) announced on January 11, 'The IMF suggested that it would like to help Korea in its planned tax reform by sending an advisory team to Korea. The government is now talking with the IMF on devising concrete plans.'
The source added, 'The government plans to make an epoch-making tax reform plan within the first quarter of 1999. The government will take under consideration any of the IMF's suggestions and implement them within the first half of this year.'
The source also commented, 'Until now, tax reform by the National Tax Administration(NTA) has failed to receive either the people's support or their confidence. From now on, many things will be changed.'


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