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A s s e t M A n A G e M e n t increase in the tax burden will be primarily sought by expanding the existing tax sources, reorganizing the exemption or non-liability scope, as well as detecting and taxing the un- derground economy. According to the medium- and long-term direction of the individual income tax policy, a focus will be placed on lowering the propor- tion of individuals exempt from tax. At pres- ent, the proportion of total taxpayers in Korea who are individual income tax-exempt re- mains very high. According to MOSF, Korea’s individual income tax revenue as percentage of GDP was 3.6% in 2010, far lower than the OECD average of 8.4% in the same year. As part of the eforts to increase individual in- come tax revenue and enhance the equity in individual income taxation, future directions will focus on the conversion of tax deductions into tax credits and comprehensive reform of individual taxation. In addition, the taxation of capital gains on share transfer will be ex- panded. Korea’s corporate income tax revenue as percentage of GDP (3.5% in 2010) remains higher than the OECD average (2.9%), mak- ing it the 5th highest among OECD coun- tries, according to the Ministry. Te corporation tax policy will seek a struc- tural reform to reduce the existing tax exemp- tions and reductions to increase tax revenue without tax rate hikes. At the same time, how- ever, tax incentives designed to encourage in- vestment and R&D will be improved to boost the economy. A focus on corporate taxation will keep the income tax brackets simple and establish a legal framework to support corpo- rations based on the business life cycle, with categories such as start-up, growth and exit. In the same context, taxation of corporate re- structuring will continue to be improved. Te property tax policy will seek to amend the existing capital gains tax scheme so that the two-tier tax rates for capital gains on the