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SEOUL (Reuters) - South Korea's nominee for finance minister plans to focus on tax increases on conglomerates, to broaden tax revenue amid increasing demand for welfare, he said on Monday.
In a written statement prepared for his nomination hearing on Wednesday, Kim Dong-yeon said he planned to restructure the government's tax base by cutting exemptions for big businesses and collecting more taxes from conglomerates' financial income.
Plans to broaden tax revenue were flagged by the jobs panel of President Moon Jae-in's government this month, as households and businesses in South Korea currently pay low levels of tax relative to economic size, it said.
Reporting by Cynthia Kim and Shinhyung Lee; Editing by Clarence Fernandez