South Korea's ruling People Power Party (PPP) and the government decided to consider tax reform in order to build a stronger economy amid the growing inflation, the officials reported.
"The party, in particular, asked the government to devise measures to relieve the burden of income tax for lower-income earners and the middle class suffering from financial difficulties due to high inflation," noted the PPP's Chief Policymaker Sung Il-jong. Sung also revealed the party demanded that corporate tax is reduced, as well as the income tax for the lower and middle class.
Previously, the Bank of Korea warned inflation might put additional pressure in the future, with a possibility of the country's inflation reaching 5% in the forthcoming months.
