Seoul, July 21 (TIWN) South Korea's finance ministry said on Thursday that it will cut corporate and income taxes next year in a bid to boost corporate investment and lower tax burden on ordinary people troubled by high inflation.

The maximum corporate tax rate, levied on the tax base of over 300 billion won (228.8 million US dollars), will be lowered to 22 per cent from the current 25 per cent, according to the Ministry of Economy and Finance.  The previous government raised the maximum rate by 3 percentage points to 25 per cent in 2017, marking the first hike in 28 years, Xinhua news agency reported.