South Korea scales back capital gains tax on stocks, hikes income tax for top earners

United States News News

South Korea scales back capital gains tax on stocks, hikes income tax for top earners
United States Latest News,United States Headlines
  • 📰 Reuters
  • ⏱ Reading Time:
  • 36 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 18%
  • Publisher: 97%

South Korea on Wednesday scaled back plans to impose capital gains taxes on stock investments in response to complaints by retail investors, but said it will hike taxes for top earners as part of changes in its annual tax code revision.

FILE PHOTO: A man walks in a park at a business district in Seoul, South Korea, March 23, 2016. Picture taken on March 23, 2016. REUTERS/Kim Hong-Ji

The finance ministry also proposed to hike income tax on earnings exceeding 1 billion won a year to 45% from 42% currently, which will help offset the expected loss in revenue from changes in the capital gains tax. Policy tweaks aim to “better support retail investors and help them build up financial wealth amid low interest rate environment,” the ministry said in a statement.

South Korea’s retail investors poured over 30 trillion won into local shares in the first six months of the year, the largest on record for comparable periods.has gained more than 50% from the year's lows as investors seek to buy into a cheapened market, backed by ample liquidity amid record low interest rates.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

Reuters /  🏆 2. in US

United States Latest News, United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Esper says US considering troop 'adjustments' in South KoreaEsper says US considering troop 'adjustments' in South KoreaDefense Secretary Mark Esper says the Pentagon is considering “adjustments” to its military presence in South Korea and around the globe as it shifts from years of countering insurgencies and militants in the greater Middle East to focusing on China.
Read more »

South Korea GDP poised for sharpest contraction in over 20 years in second quarter: Reuters pollSouth Korea GDP poised for sharpest contraction in over 20 years in second quarter: Reuters pollSouth Korea's economy likely saw its biggest contraction in over 20 years in the second quarter, a Reuters poll showed on Tuesday, as the coronavirus pandemic hit consumer spending, the labour market, and global demand for its exports.
Read more »

Korea Box Office: ‘Peninsula’ Dominates on Opening WeekendKorea Box Office: ‘Peninsula’ Dominates on Opening WeekendThe much-awaited release of “Peninsula” in South Korea lived up to the hype, despite capacity limitations and other social distancing measures imposed across the nation’s cinemas. The “Train to Bus…
Read more »

BTS Now Has The Bestselling Album Of 2020 In The United States, South Korea, Japan And WorldwideBTS Now Has The Bestselling Album Of 2020 In The United States, South Korea, Japan And WorldwideThe boy band can add another notch to its belt with its new Japanese album, 'Map of the Soul: 7 - The Journey.'
Read more »

Kanye West won't be on ballot in South Carolina after holding first rally in presidential bidKanye West won't be on ballot in South Carolina after holding first rally in presidential bidAfter a campaign rally Sunday in South Carolina, Kanye West failed to submit the signatures needed to be on the state's presidential ballot, reports say.
Read more »

South Africa has not committed to fund SAA rescue plan, finmin saysSouth Africa has not committed to fund SAA rescue plan, finmin saysThe South African government has not committed to fund a restructuring plan for struggling South African Airways (SAA), Finance Minister Tito Mboweni said in court papers seen by Reuters on Tuesday.
Read more »



Render Time: 2025-03-21 17:07:32