SEOUL: 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.
Taxes of up to 25 per cent will be imposed from 2023 on annual capital gains exceeding 50 million won a year for retail investors who trade listed shares. The tax was previously due to kick in on capital gains exceeding 20 million won. The finance ministry also said stock transaction taxes will be cut in phases to 0.15 per cent by 2023 for KOSPI-listed shares from 0.25 per cent currently.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.
The revised capital gains tax proposal on stock investment will affect 150,000 investors, or the top 2.5 per cent of all stock investors, the ministry said.
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