FKI chairman opposes raising corporate taxes

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FKI chairman opposes raising corporate taxes

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Huh Chang-soo, chairman of the Federation of Korean Industries, greets members at the start of his third term as chairman of the business lobby group at its headquarters in Yeouido. By Kang Jung-hyun

Huh Chang-soo, chairman of the Federation of Korean Industries and GS Group, made it clear he strongly opposes the Saenuri Party’s attempt to force the government to raise corporate taxes.

The nation’s leading business lobby group has 580 members, including Samsung, Hyundai Motor Group and LG.

“Corporate taxes should be lowered not raised,” Huh said Wednesday after a ceremony marking his third term as the head of FKI. “The global trend is to lower taxes, but if Korea alone raises it, [the country] will lose competitiveness.”

The maximum corporate tax rate is 22 percent. It has been steadily lowered from 30 percent in 1986 in hopes of enhancing the competitiveness of Korean companies and eventually collecting more taxes due to increased corporate profitability.

During the Lee Myung-bak administration in 2008, the corporate tax rate was lowered from 25 percent to 22 percent.

BY KIM JOON-SOOL [ojlee82@joongang.co.kr]
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