The government on Thursday revealed a plan to increase the tax burden for high-income earners while giving more tax breaks to businesses. 

According to the 2019 tax code revision plan, workers with annual salaries of 360-million won or more will see their taxes rise through changes to the earned income tax deduction. 

The plan also introduces higher tax rates on executive severance pay and decreases deductions on rental income received by property owners who register themselves as lease business operators.

Subsidies given to workers from low-income households, meanwhile, is raised to 100-thousand won from 30-thousand won under the new plan.

Businesses will see more tax benefits under the tax code revision to encourage investment and to help mitigate the potential fallout caused by Japanese export restrictions.

The tax code revision will be submitted to the National Assembly on September third.