February 6, 2018 / 12:08 AM / a year ago

S.Korea scraps 2017 plan to impose tougher capital gains taxes on foreigners

SEOUL, Feb 6 (Reuters) - South Korea has scrapped the implementation of a proposed widening of capital gains tax on foreign buyers of Seoul stocks, the finance ministry said in a statement on Tuesday.

In its annual tax code revision in August 2017, South Korea said it was seeking to extend the tax base to take in more foreign investors and larger shareholders.

The August 2017 draft proposed to lower the ownership threshold at which the capital gains tax on listed securities transactions took effect to 5 percent from the current 25 percent of outstanding shares in the issuer.

The statement said the ministry wished to ensure the necessary technical infrastructure was in place before implementing the new law.

Reporting by Dahee Kim and Cynthia Kim; Editing by Eric Meijer

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