South Korea has introduced tax breaks for individuals who sell overseas stocks and reinvest in the domestic market as it tries to stem a craze for US equities that has sharply weakened the local currency.
The finance ministry on Wednesday said it would temporarily exempt proceeds from sales of foreign equities that were reinvested in South Korean stocks from capital gains tax.
The measure comes a day after South Korea’s won hit an eight-month low of Won1,484 against the dollar. Authorities are concerned the exchange rate could breach the Won1,500 level last seen during the 2008 financial crisis and the Asian currency meltdown of 1997.
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