The National Assembly approved the government's 2018 budget early on Wednesday as the main opposition party boycotted the vote to express its objection to some points in the bill, such as the creation of thousands of new government jobs.
The 428.8 trillion won ($394.4 billion) budget centers on creating thousands of new jobs in public sectors, expanding welfare programs, and increasing the minimum wage.
Tu fund the added spending, it calls for raising the corporate and income tax rates for big businesses and top earners.
The main opposition Liberty Korea Party stayed away from the vote.
Meanwhile, the United States will deploy a B-1 strategic bomber to Korea on Wednesday as part of the joint air combat training. The strategic bomber, based in Guam, plan to conduct bombing drills together with South Korea's fighter jets.
A pair of B-1Bs were deployed to South Korea in early last month ahead of US President Donald Trump's regional trip.
Then, the European Union lambasted 17 nations, including South Korea as offshore tax havens.
Seoul's finance ministry lodged a strong protest following the announcement, saying the decision was not inline with international agreements and claims the EU has violated its tax sovereignty.
Meanwhile, it has also placed 47 additional countries on a watchlist of countries that have promised to change their tax ruls to meet EU standards. Even more countries could be added to the blacklist which is set to be updated every single year if improvements are not made.
Source: Arirang News
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