A new combined next to leading order QCD analysis of the polarized inclusive and semi-inclusive deep inelastic lepton-hadron scattering (DIS) data is presented. In contrast to previous combined analyses, the $1/Q^2$ terms (kinematic - target mass corrections, and dynamic - higher twist corrections) in the expression for the nucleon spin structure function $g_1$ are taken into account. The new COMPASS data are included in the analysis. The impact of the semi-inclusive data on the polarized parton densities (PDFs) and on the higher twist corrections is discussed. The new results for the PDFs are compared to our (Leader, Sidorov, Stamenov) LSS'06 PDFs, obtained from the fit to the inclusive DIS data alone, and to those obtained from the de Florian, Sassot, Stratmann, and Vogelsang global analysis.
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