Korea Stocks Rise as Plan to Tax Retail Investors Dropped
- South Korea’s retail investors were opposed to the move
- Major shareholders face at least 20% capital gains tax
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South Korean stocks rose after the main opposition party agreed to back the government’s decision to drop a plan that would have imposed a capital gains tax on retail investors.
The Democratic Party, which controls the National Assembly, dropped its months-long opposition to the controversial move saying it cannot ignore the plight of retail investors.