The government will increase taxes on the wealthy while continuing to expand tax benefits for middle class and low-income earners.
 
Park Kwang-on, spokesman for the de facto transition team State Policy Planning and Advisory Committee, gave a briefing about the new government’s taxation policy on Thursday.
 
He said that the Moon Jae-in government aims to realize tax justice through normalizing the nation's taxation system distorted by the previous government’s policy to reduce taxes on the rich.
 
The spokesman said that the government will promote the redistribution of income and wealth through taxes to create a fairer and more equal economy.
 
Park said that the government will carry out improvements in the taxation system that are possible in line with its policy directions this year and push for reforms requiring social consensus step by step from next year. 
 
A special panel on taxation and fiscal reform made up of experts and representatives from all walks of society will be formed in the second half of this year.
 
The panel will decide with public consensus on whether to push for thorny reform measures, such as a hike in corporate tax and the reorganization of a fuel tax system.