Cabinet earmarks tax money for job creation and growthThe Cabinet approved tax expenditures to help create jobs and boost innovation-led growth, the finance ministry said Tuesday.
Tax expenditures are programs that allow working-class people, farmers and fishermen, as well as small- and medium-sized companies, to pay less in taxes to reduce their overall burden.
The government will ease eligibility conditions for tax credits for companies that hire women who quit their jobs, due mainly to marriage, pregnancy, childbirth and childcare.
The latest tax credit is a series of measures to bring stay-at-home moms back into the workforce.
The ministry estimated that tax expenditures could reach 47.4 trillion won ($41.9 billion) in 2019, compared with estimated tax expenditures of 41.9 trillion won in 2018.
More in Economy
Average selling price of Seoul apartments hits 1 billion won
New legislation on online shopping proposed by FTC
Cash is truly king in time of coronavirus
When settling for a studio apartment is too expensive
Bill creates new rental protections for small businesses