Scholarship and Military Service Exemptions to Be Extended for Science and Engineering College Students

The government decided to extend military service exemption and provide more scholarships from the national treasury for students attending science and engineering colleges in order to guide prominent students to science or engineering colleges.

In addition, it plans to extend tax favor and financial support for nursing facilities managed by corporations, and increase infant and child care facilities in order to let women participate in economic activity. Hence, it will extend facility investment funds to 9.7 trillion won increasing by 1.6 trillion won from last year, and extend payment guarantees to 30 million won for a tenant who is low-income laborer earning less than 10 million won annually.

Deputy Prime Minister and Minister of Finance and Economy Jin Nyum reported an annual policy report as above to President Kim Dae-Jung on the 4th.

Deputy Prime Minister Jin said, "In order to make Korea a business center of northeastern Asia, the ministry will expand Incheon international airport, Pusan and Kwangyang ports as distribution centers, and resolutely merge and abolish administrative restrictions on foundations, locations, foreign exchange, and taxes in order to attract foreign investors."

He added, "The ministry will introduce partnership taxation system which levies a tax on individuals for income exempting human power companies like judicial corporations from corporation tax, and prepare new levy system for new kind businesses like electronic commerce."

Deputy Prime Minister Jin said, "The ministry will dispatch over 10 section-chief-grade officials in the Finance and Economy Ministry to the Bank of Korea, media companies, account agencies and law firms as civil-governmental human power exchange, and open one or two section-chief-level posts to civilian along with current 3 director-level posts."

hcs@donga.com