South Korea said Tuesday that it will toughen its criteria used to determine whether to provide tax exemptions and other benefits as part of efforts to reduce excessive tax expenditure. Under the 2014 tax expenditure plan, which was approved by a Cabinet meeting, the finance ministry said that it will not approve any new tax exemption or cut whose value exceeds about 10 billion won (US$9.29 million) if it fails to pass a feasibility test. The exact threshold will be decided later.