Invest KOREA

South Korean government desperate to reinvigorate stubbornly depressed consumer spending has come up with various incentives to keep Koreans spending at home instead of going abroad with their extra time and money.

Under the set of measures announced after a cabinet meeting on Thursday, the government will provide incentives to employers encouraging employees to work a half an hour extra for four days to go home Friday two hours earlier for a longer weekend.

Bullet train ticket fares could be halved if they are booked 25 days ahead. Tax refund for compact car owners will be upped to 200,000 won ($176), all part of the plan to encourage young people to travel more around the country.

It is also mulling to lower property tax for hoteliers if they cut room rates by more than 10 percent in the first half.

Businesses hurt by discriminative actions from overseas governments could file for a state aid of up to 1 billion won.

The government in April will unveil a separate plan to promote the golf industry offering tax incentives and deregulations to keep golfers at home.

By Kim Gyu-sik

Copyrights Pulse by Maeil Business News Korea. All Rights Reserved.

Source: Pulse by Maeil Business News Korea (Feb. 23, 2017)