The amount of tax incentives to individuals and companies will edge down nearly 1 percent in 2016 from this year as the government scales back support for large businesses, a government report showed Monday.
According to the report submitted to the National Assembly, tax deductions, tax credits and other tax breaks are estimated at 35.3 trillion won ($30.1 billion) next year, down 333.1 billion won, or 0.9 percent, from this year.
Tax breaks for individuals will likely reach 25.1 trillion won in the coming year, down 0.4 percent from 2015. Some 16.6 trillion won will benefit people in the middle- and low-income brackets, with the top income earners likely to receive 8.5 trillion won.
Tax benefits for companies are expected to decrease 2.7 percent on-year to 9.7 trillion won next year.
Small and medium enterprises will get 5.7 trillion won, up 3 percent on-year, while large companies with more than 5 trillion won in assets will see their tax benefits fall 10.6 percent on-year to 2.3 trillion won, according to the report. (Yonhap)
