Couples With Children to Get Tax Cut

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Couples With Children to Get Tax Cut
2006-08-22
Starting next year, singles and working couples will have to pay more tax while households with children will have their tax burden reduced. Income tax imposed on child-less working couples with an annual combined income of more than 60 million won will rise by 220,000 won from this years level. Singles without children who earn more than 40 million won annually will see their tax rise as well by 170,000 won. Meanwhile, the tax on households with two children which has a single income-earner making 50 million won a year will fall by 80,000 won. This is the gist of the 2006 Taxation Revision that the Ministry of Finance and Economy announced Monday. The revision will be voted on at the State Council on September 19 and submitted to the National Assembly on September 28.
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