Ministry focuses on tax reform

The Ministry of Finance will deepen tax reform, including real estate tax.

The ministry is expanding the pilot program switching from business tax to VAT in the transportation and modern service industry.

At present, the Ministry of Finance is working on the pilot program of switching from business tax to VAT in railway transportation industry and telecommunication industry. The program will be put into effect at the end of this year or early next year.

The ministry said it will also expand individual housing property tax reform on a trial basis and is working on improving industrial and commercial real estate property tax.