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Financial Support for Small Businesses and Tax Cuts

SEOUL: South Korea’s government has prepared financial support for small businesses and tax cuts for companies raising capital returns to shareholders, President Yoon Suk Yeol said on Wednesday.

Yoon was making a televised speech ahead of the government’s bi-annual economic policy announcement due later on Wednesday. The government has prepared a total of 25 trillion won ($18 billion) worth of support measures for small businesses struggling due to high interest rates, Yoon said. These measures aim to provide much-needed relief to small businesses facing financial difficulties.

Tax Benefits for Companies and Corporate Value-up Programme

The announcement will also include tax benefits for companies raising dividend payouts as part of the government’s "Corporate Value-up Programme", which is aimed at boosting the domestic stock market. These tax cuts are designed to incentivize companies to increase their dividend payouts, thereby enhancing shareholder value and promoting economic growth.

Stabilizing Consumer Prices and Economic Growth Forecast

Yoon said consumer prices are stabilizing in Asia’s fourth-largest economy as headline inflation has slowed for a third straight month while foreign investment inflows look solid. Despite economic challenges, the government remains optimistic about the country’s economic prospects.

Following Yoon’s remarks, finance minister Choi Sang-mok said the ministry raised its forecast for this year’s economic growth to 2.6% from 2.2% seen previously. These positive economic indicators suggest a potential turnaround in South Korea’s economy.

How AI legalese decoder Can Help

The AI legalese decoder can help small businesses understand the complex legal language surrounding tax cuts and financial support measures. By using AI technology to decode legal jargon, businesses can better navigate government announcements and take advantage of available support programs. Additionally, the AI legalese decoder can provide insights into tax benefits and corporate value-up initiatives, helping companies make informed decisions to maximize their financial returns.

In summary, the government’s commitment to supporting small businesses and enhancing corporate value reflects a proactive approach to economic recovery and growth. With the assistance of the AI legalese decoder, businesses can stay informed and capitalize on the opportunities presented by these policy changes.

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