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Prime Minister Lee, "Lowering Corporate Income Tax in a 10 Trillion Won Boom Period is Inadequate"

Prime Minister Lee, "Lowering Corporate Income Tax in a 10 Trillion Won Boom Period is Inadequate"

Posted November. 18, 2004 22:55,   


Prime Minister Lee Hae-chan said on Thursday, November 18, “There are conglomerates that have made over 10 trillion won this year, and over 10 companies have made over one trillion won. There are requests to lower the corporate income tax, but in this prosperity, lowering the corporate income tax is unsuitable.”

Minister Lee was invited to lecture by the Korea University Graduate School of Labor alumni association at the Seoul Westin Chosun Hotel that day, and said, “Large firms are hesitating to invest because they have not cultivated specialized human resources nor developed advanced technology, and so they can not find a place in which to invest.”

He stressed, “If we are to enter the $20,000 income era, the economic management pattern must be changed. Substantial economic growth can be realized through human resource developments along with intensive land utilization and a steady development in technology.”

Lee said, “The country does not have high debt, and so some 10 or 20 trillion won can be released to support the economy for the time being, but policies which completely burden the next government will not be carried out. However, the economy will be managed within the range of activating domestic demands without inducing speculation and hindering potential growth.””

Meanwhile, relating to the controversial National Security Law, Minister Lee said, “For the historic development of society, matters which must be liquidated should be done so. Quibbling over the matter and passing on it is not good.”

Yong-Gwan Jung yongari@donga.com