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SOUTH KOREA: Opposition Party Supports CGT Drop.

SOUTH KOREA
GlobalEM BulletBulletSouth KoreaAPACEmerging Market NewsRegion
  • The Korean Government’s plan to drop the Capital Gains Tax on financial investments by retail investors has received support from an unlikely area.
  • Korea’s main opposition party as agreed to support the removal of the tax citing “the current Korean stock market is in a too difficult situation, and we cannot ignore the position of the 15 million stock investors who are investing in and relying on it.”
  • The Opposition had initially opposed the change believing it would only favour the rich.
  • With over 60% of stock market turnover coming from retail investors, the proposed changes were well received and ultimately (from a political point of view) backed the opposition into a corner where they had to support it.   
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  • The Korean Government’s plan to drop the Capital Gains Tax on financial investments by retail investors has received support from an unlikely area.
  • Korea’s main opposition party as agreed to support the removal of the tax citing “the current Korean stock market is in a too difficult situation, and we cannot ignore the position of the 15 million stock investors who are investing in and relying on it.”
  • The Opposition had initially opposed the change believing it would only favour the rich.
  • With over 60% of stock market turnover coming from retail investors, the proposed changes were well received and ultimately (from a political point of view) backed the opposition into a corner where they had to support it.