Korea's appointment of new finance minister raising hopes for economic revivalUpdated: 2014-07-21 06:50:55 KST
Reforms, including deregulation, are key to jump-starting the nation's economy.
Those were the words spoken by Korea's finance minister Choi Kyung-hwan, appointed last week.
In this spirit, Choi offered a number of proposals to boost investment, including tax breaks for small-and-mid-sized companies, or S-M-Es, using an accounting method called "accelerated depreciation."
It involves depreciating an asset at a faster rate early on in that asset's life to help reduce a company's taxable income by deferring the tax to later years.
Choi also said he would work to remodel industrial complexes to encourage more young employees to work for the S-M-Es therein.
Choi said he would work with related ministries to restore worn-out facilities and improve life for residents there.
"I want to improve (the facilities) to make it easier for young people to want to work and live here."
To boost the property market, Choi promised to ease regulations for homebuyers.
The government has eased the debt-to-income ratio and loan-to-value ratio.
They limit the amount that prospective buyers can borrow from banks based on various economic indicators, including income.
Kim Ji-yeon, Arirang News.
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