The Korean government will revise the tax code this year... in a way that makes taxation fairer... and speeds up job creation and innovative growth.<br /> The measures were discussed on Thursday at a policy coordination meeting between the ruling Democratic Party of Korea and the government.<br />The core of the revision is to improve income distribution... by lowering taxes on those in the low-income bracket... while raising real estate taxes... and drawing up measures to prevent offshore tax evasion.<br />The two sides also agreed to step up job subsidies for those in the low-income bracket,... as well as to increase the number of people eligible for child benefits.<br />The revision will also entail tax cuts for companies that invest in research for new technologies... as well as for those that create new jobs.<br />The government will soon announce a comprehensive plan -- which the National Assembly aims to pass during parliament's regular session which starts in September. <br />
