January 29, 2018 / 4:43 AM / 21 days ago

S.Korea fin min says may suspend proposed capital gains tax changes for foreign investors

SEOUL, Jan 29 (Reuters) - South Korea’s finance minister said on Monday that the government may suspend imposing proposed changes to its capital gains tax for foreign investors, which were due to take effect from July.

“(The government) could possibly suspend applying the revised tax and this will be decided depending on the interest of the foreign investors,” Kim Dong-yeon told reporters after a meeting.

South Korea had proposed to cut to 5 percent from current 25 percent of the shareholding ownership threshold at which the capital gains tax on listed securities transactions is triggered. This would have increased the number of foreign investors affected by the tax.

Asia’s fourth largest economy said last week that the revised tax regulation would have limited impact on stock markets as it applies only to investors from nations with which South Korea does not have tax treaties. (Reporting by Shinhyung Lee, Dahee Kim; Editing by Sam Holmes)

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