Government Not to Consider Taxing Pensions

The government has decided not to consider the immediate introduction of a tax on pensions and additional pay, including food expenses and traffic expenses.
The Ministry of Finance and Economy announced on December 5 that it will include policies suggested in a report on 'The Korean Economy's Mid- to Long-term Vision - Taxes', released by the Korea Institute of Public Finance (KIPF), in its long-term ministerial tasks.
The ministry plans to consider the simplification of the taxation system with the abolition of 'object taxes', such as the traffic tax.
Regarding the other innovations of taxation next year, the ministry will concentrate on fair distribution, continuing economic growth, protection of the environment and the activation of e-commerce.
Kang Joo-an : jooan@joongang.co.kr