SEOUL: South Korea's economy will grow at its slowest pace in three years in 2022, as the world faces supply bottlenecks, surging inflation and rapidly rising interest rates, the finance ministry said on Thursday .
To help South Korean businesses reduce inflationary pressure, the government proposed to lower the maximum corporate tax rate to 22 per cent, the average of countries in the Organization for Economic Cooperation and Development. The rate on about 100 of the largest companies has been 25 per cent since 2018, when the former government increased it to pay for more social welfare.
Yoon pledged in his election campaign to support a"private-sector-led economy". His measures would help corporate South Korea cope with higher minimum wages, rising borrowing costs and the previous administration's limits on working hours. Separately, South Korea would improve foreign dealers' access to USD/KRW trading. This will help the country in its quest for inclusion in the MSCI developed markets index.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
S Korea cuts 2022 growth outlook, vows to cut corporate tax rateSEOUL : South Korea's economy will grow at its slowest pace in three years in 2022, as the world faces supply bottlenecks, surging inflation and rapidly rising interest rates, the finance ministry said on Thursday.Setting out its first economic policy initiatives, the new government of President Yoon Suk-
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
Starfield's first gameplay revealed at Summer Game Fest 2022Arguably one of the hotter showcases from Summer Game Fest 2022, the Starfield gameplay reveal added some really great cherries on top of the cake. Not only did we get to check out some of the game's combat and customisation options, among numerous other things, but developer Bethesda Game Studios (represented by Todd Howard) even provided a short glance at...
Source: asiaonecom - 🏆 10. / 59 Read more »
4 Singapore Stocks Acquiring to Grow Their Dividends in 2022Acquisitions can help to boost dividends. Here are four Singapore companies that are doing just that. The post 4 Singapore Stocks Acquiring to Grow Their Dividends in 2022 appeared first on The Smart Investor.
Source: YahooSG - 🏆 3. / 71 Read more »
Travel insurance guide (2022): Which travel insurance do I need?Buying travel insurance in Singapore is something a lot of us take for granted. Few of us bother to buy travel insurance ahead of time, and even fewer compare to find the best travel insurance in Singapore. In fact, the only time we think of buying a policy is when there’s some kind of travel insurance promotion in Singapore. During...
Source: asiaonecom - 🏆 10. / 59 Read more »
BTS' on the brink of mental exhaustion' before performing at 2022 GrammysBTS were 'on the brink of mental exhaustion' before performing at the 2022 Grammys. The K-Pop septet — comprising Jungkook, V, J-Hope, Jimin, Jin, RM and Suga — had members struck down with Covid-19 before their appearance at the MGM Grand Garden Arena in Las Vegas in April to perform Butter, and had just a single day of rehearsals. J-Hope...
Source: asiaonecom - 🏆 10. / 59 Read more »