South Korea President Says Corporate Tax Cut is Vital February 13, 2008 Joseph Bishop-Henchman Joseph Bishop-Henchman From the Korea Times: A key member of the President-elect Lee Myung-bak’s transition committee said Monday that the incoming administration will reduce corporate income taxes to help businesses expand investment and create jobs, strengthening the country’s growth potential. Rep. Choi Kyung-hwan, a member of the Presidential Transition Committee, also said in a radio interview that the corporate tax cut is key to attracting foreign investors and companies. “The corporate income tax reduction is not a matter of choice, but a matter of life and death for Korea in an increasingly globalized business environment,” Choi said. During his presidential campaign, President-elect Lee pledged to cut maximum corporate taxes from 25 percent to 20 percent to help create a more business-friendly environment. By contrast, the U.S. federal-state corporate income tax rate stands at 39.3 percent, the second highest in the industrialized world. Stay informed on the tax policies impacting you. Subscribe to get insights from our trusted experts delivered straight to your inbox. Subscribe Share Tweet Share Email Topics Center for Federal Tax Policy Corporate Income Taxes