Finance Minister Choi Sang-mok said specific details of the tax cuts would be determined and announced after hearing different opinions at a meeting with market experts.

South Korea last month unveiled a corporate reform plan, dubbed the "Corporate Value-up Programme", aimed at lifting the value of Seoul-listed companies by encouraging firms to boost shareholder returns, such as dividends.

The minister's comments come after criticism from investors that the plan did not go far enough to changes corporate behaviour, since it lacked penalties and tax incentives.

The government will finalise by early May guidelines for listed firms to refer to, Choi said. These were originally slated to be announced within the first half of the year.

(Reporting by Jihoon Lee; Editing by Ed Davies)