The local business community revealed a mixed response to the government’s new tax code plan announced by the Strategy and Finance Ministry on Monday. 

The Korea Economic Research Institute affiliated with the Federation of Korean Industries assessed that the revised code appears to focus less on collecting more taxes rather than assisting low income-earners and revitalizing difficult economic conditions. 

It commented positively on the plan to increase beneficiaries of the earned income tax credit scheme and corporate R&D on new technologies, but also noted the corporate tax hike last year. 

The institute called for more active tax benefits for companies making investments related to new growth engines and job creation.