Cabinet earmarks tax money for job creation and growth

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Cabinet earmarks tax money for job creation and growth

The 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.

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