[Image source: Gettyimagesbank]South Korea will expand tax reduction benefits for companies that move their overseas production bases back to Korea. Furthermore, the country will double the income tax exemption limit for maternity and childcare allowances from 100,000 won ($77.72) to 200,000 won per month.These measures were taken during a policy coordination meeting between the government and ruling People Power Party, which was organized to revamp the country's tax law for 2023, according to the policy committee of the ruling party on Friday.

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