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South Korean Gaming Tax May Fund Local Areas

SOUTH KOREA – As reported by Donga: "Funds from the special excise tax on golf courses, horse and bicycle racing tracks, casinos, and clubs may be reallocated to local governments to secure financial resources for local areas.

"Lee Jong-kyu, director of the Tax and Customs Office at the Ministry of Finance and Economy, reported at a forum held at the National Assembly on Thursday by the financial research institute on the topic of 'Courses and Tasks for the 2004 Tax Adjustments to Strengthen Growth Potential.' Through this topic, he said that the local governments would be able to expand their coffers if special excise tax funds were handed over to local governments…"

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