Lee Myung Bak, South Korea's newly elected president and former chief executive of Hyundai Construction and Engineering proposed a package of economic reforms such as tax cuts by cutting the corporate tax rate from 25 percent to 20 percent, fuel taxes by 10 percent, real estate tax, and public expenditure respectively. Korea's new president also pledged to privatize state-owned companies and remove the restrictions preventing industrial groups from owning banks.
Source: Yahoo News (link)
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