South Korea could include its move to lower the transactions tax rate in
its stock market stimulus measures expected to be unveiled this month, government and industry sources said Friday.
Earlier, Shin
Je-yoon, head of the Financial Services Commission (FSC), confirmed that
he is to announce stock market stimulus measures "within October,"
calling for cooperation from the National Assembly to pass related bills
going forward.
The FSC has already drawn up its draft
measures, which are not under consultations by related agencies and
ministries, the sources said.
"They will be comprehensive
measures that help expand both demand and supply bases in the stock
market," a high-ranking government official said on condition of
anonymity.
Sources said that the government could include in
those measures its push to cut the stock transaction tax rate that
currently stays at 0.3 percent of investment.
Some argue that the rate is so high that it has hurt investor sentiment and put a damper on overall market transactions.
Opinions are divided over the tax issue, with market experts arguing that a tax cut could result in more transactions and eventually more tax
revenue.
The finance ministry worries that it could only end up
shrinking revenue and sparking controversy that the government helps the
wealthy.
The move comes as transactions in local stock markets have been slowing markedly in recent years.
Industry data showed that daily transactions in the benchmark KOSPI and
tech-savvy KOSDAQ here fell to 5.8 trillion won last year after peaking
at 9.1 trillion won in 2011. (Yonhap)
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