The Ministry of Strategy and Finance (MOSF) of Korea (Rep.) released the Budget 2014 proposal on 27 September 2013.
The tax measures in the budget proposal include in the local government consumption taxes to 8% in 2014 and 11% from 2015. According to the budget proposals once existing tax relief have expired, they will only be reinstated on the statute book if this is considered absolutely necessary and following a review of their usefulness.
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