South Korean Prime Minister Vows to Avoid Tax Increase

South Korean Prime Minister Hwang Kyo-ahn said the government will make efforts to avoid tax hikes that may burden the people and businesses, amid calls by the opposition parties to raise corporate taxes. 
"Increasing tax will emerge as the burden for the people and should be the last thing the government should consider," Hwang said during his parliamentary interpellation session. He stressed that Seoul has no plans to raise corporate and income tax for the time being, state news agency (Yonhap) reported. 
"Rather than increasing taxes, we will seek to expand the tax revenue base reducing tax waivers," Hwang added. "We will make efforts to lower the burden on local companies by avoiding unnecessary tax audits." South Korea's ruling and opposition parties have been colliding over the expansion of corporate tax, amid the Minjoo Party of Korea's push to slap more taxes on conglomerates.