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South Korea plans to lower corporate rate in a bid to stimulate economic growth, the country’s Ministry of Strategy and Finance said Tuesday.

The ministry announced that it will cut the maximum corporate tax rate from 25 percent to 22 percent this year, while the minimum tax rate will be
lowered from 13 percent to 10 percent.

According to the ministry, the move is a part of the effort by the South Korean government to create business friendly environment, and is in line with the global trend of advanced countries.

The tax-cut plan is two years ahead of the initial schedule, the ministry added.