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Policy Issue

Korean New Deal & 2020 Tax Revision
Jul 2020
Government Announces Overview of Korean New Deal

Goal: Transform the economy from a fast follower to a leader, from a carbon-dependent economy to a green economy, with the society going to a more inclusive one
2+1 policies: Digital New Deal and Green New Deal (2) + stronger safety nets (1), which will be implemented with strong fiscal support for pump priming and improved regulations to promote the private sector
Projects: 10 major projects out of a total of 28 projects (12 for Digital New Deal, 8 for Green New Deal and 8 for social safety nets)


2020 Tax revision Seeks to Boost Demand and Expand Inclusiveness

The government has drawn up the 2020 tax revision bill to help recover from damages incurred by the pandemic, and to encourage individuals and businesses to continue going forward. The three main focuses of the 2020 tax revision bill are (1) Help rise from the COVID-19 crisis and promote the economy, (2) Pursue inclusiveness and fairness, (3) Combat tax evasion and protect taxpayers’ rights


* For further details, please refer to the attached file 
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