Shelly Banjo, Columnist

Korea's Tax Break

Corporate earnings are pretty healthy, plus there will be some new deductions allowed.

August 4, 2017 at 2:03 AM UTC

Shelly Banjo leads the global business team for Bloomberg News in New York. A former New York bureau chief and senior tech writer, she’s covered business, finance and economics for two decades.

1501811476_158208911 — Photographer: Chung Sung-Jun/Getty Images

Provide news feedback or report an error

Site feedback:

Take our Survey

This article is for subscribers only.

While the rest of the world tries to lower corporate taxes to stimulate growth, South Korea's populist leader is taking a different approach as he seeks to rein in the country's conglomerates.

President Moon Jae-in's proposal to raise the levy for companies with more than 200 billion won ($177 million) in taxable income to 25 percent from 22 percent sent the benchmark Kospi Index down almost 2 percent on Thursday in the second-biggest one-day decline since U.S. President Donald Trump got elected on Nov. 8.