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1.39 Mln People to Get Tax Refunds

Posted September. 06, 2008 07:36,   


The government will grant tax refunds by Sunday worth 71.1 billion won for 1.39 million people including salesmen, deliverymen and private tutors who have not filed for income tax refunds due to unfamiliarity with tax law.

State loans of up to three million won per person at annual interest of 4.5 percent will go to 10,000 small merchants at traditional markets every year, with repayment due within a year.

From this month, smaller restaurants and companies will be exempt from mandatory purchases of government bonds, and truckers with only one truck do not have to secure a parking space.

President Lee Myung-bak yesterday held a meeting with ministers and vice ministers of 14 ministries on formulating people-friendly policies. The government subsequently announced 67 policies consisting of 10 core policies and 57 others.

The 10 include granting tax refunds; scrapping the mandatory purchase of government bonds by smaller restaurants; exempting truckers with only one vehicle from having to secure a parking space; low-interest micro-credit for small merchants at traditional markets; a lending service for farm machines; childcare support for low-income citizens; extended rehabilitation for physically disabled children; financial support for vaccination against diseases such as hepatitis type B; neighborhood welfare centers in poor communities; and health clubs.

The government will also scrap regulations on marginal farmland deemed inappropriate for farming and introduce a witness protection program.