Thursday, 25 June 2020 12:48

South Korea widens capital gains taxes for wealthy stock investors

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South Korea on Thursday proposed expanding its capital gains taxes to include a larger number of affluent stock investors, in its push to reduce inequality by levying more from the wealthy and less from general share trading.  As quoted by Reuters on Thursday (June25) finance minister Hong Nam-ki  in a policy meeting starting 2023 stated taxes of up to 25% will be imposed on annual capital gains exceeding 20 million won or $16,627 for retail investors. That would affect about 300,000 people, or the top 5% of all stock investors, in Asia's fourth-largest economy. It would also mark a significant expansion of current rules as capital gains taxes are only applied to large shareholders with stakes exceeding 1% or 1 billion won ($831,373) of listed stocks. Currently, no retail investors of listed shares are subject to capital gains taxes unless they are classified as "large shareholders"//Reuters

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