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The Korea Herald

Economy

November 01, 2021
Taxation of 70-80 global firms may be possible under new global tax scheme: minister

South Korea may be able to collect taxes from 70-80 global firms that have earned profits in Asia's fourth-largest economy under a new landmark global tax scheme, the country's finance minister has said. Finance Minister Hong Nam-ki made the remarks Saturday in Rome as the leaders of the Group of ...
July 13, 2021
Overseas cryptocurrency exchanges using Korean currency must register with anti-money laundering body: regulator

Cryptocurrency exchanges that are based outside South Korea must register with the nation's anti-money laundering body if they use the Korean currency, a top financial regulator said Tuesday. Financial Services Commission Chairman Eun Sung-soo made the remarks when asked by a lawmaker whether Bina...
June 09, 2021
S. Korea’s per capita income shrinks for 2nd year in a row

Per capita income in South Korea declined for the second year running in 2020, as the COVID-19 pandemic dragged the economy down to its lowest point since the 1997-1998 Asian financial crisis, data showed June 9. Per capita annual income, as measured in US dollars, shrank last year to $31,881, dow...
June 03, 2021
20 arrested in massive land speculation probe, including senior officials

Some 2,800 people suspected of having purchased land for speculation purposes, including some high-profile government officials, have come under investigation since the government launched a joint probe in March to root out illicit activities in the real estate market. Many now face criminal charg...
June 01, 2021
Rate hike inevitable in H2 under current pace of recovery: think tank

South Korea’s central bank should raise its benchmark interest rate in the second half of the year, given the faster-than-expected pace of the economic recovery, a think tank here said. “If the Bank of Korea decides to carry out a belated rate hike, then the economy could see a bigger shock st...
May 27, 2021
Hyundai Card says won’t buy Citi Card

Hyundai Card has decided it would not acquire the credit card business unit of Citibank Korea, which has been up for sale following its parent company’s reorganization plans in Asia, the company said May 27. ”We have initially reviewed the case but concluded not to proceed acquisition (of Cit...
May 27, 2021
Authorities to discuss green finance during P4G Seoul Summit

South Korea’s top financial regulator said Thursday that it will host a special session ahead of the upcoming P4G Seoul Summit to discuss the finance industry’s role in the global fight against climate change. The event, “Role of Finance in Post COVID-19 Green Recovery,” will be convened vir...
May 27, 2021
Central bank says leveraged crypto trading threatens banking system

Leveraged cryptocurrency trading by individuals in South Korea threatens the nation’s financial system, Bank of Korea Gov. Lee Ju-yeol said on May 27. Given the price volatility of virtual assets, increased trading in such assets leaves Korea’s financial system subject to instability, Lee said...
May 20, 2021
Renewed real estate measures coming up in June: finance minister

Finance Minister Hong Nam-ki said on May 20 that the government will roll out changes to housing policies which may include real estate taxation reforms as early as next month. While maintaining the key framework and the stance of the real estate policy announced on Feb. 4, which focuses on easi...
May 17, 2021
Climate response fund to be set up in 2022 to bolster renewable energy transition

The South Korean government will support the development and commercialization of clean energy technologies and set up a climate response fund next year to achieve the goal of going carbon neutral by 2050. Finance Minister Hong Nam-ki said Monday that preparation for the scenario to achieve net ...
May 14, 2021
Real estate fiasco sidelines Moon’s income-led growth drive

Transforming South Korea’s economy into a fairer and more transparent one was what President Moon Jae-in had in mind when entering office in 2017. To soothe the public enraged over high-profile corruption involving the former president, his political archrival Park Geun-hye, Moon and his campai...
April 22, 2021
[Feature] Korea’s aging society faces burden of rising debts, heavy taxes

Cho Young-eun, a 68-year-old retiree in Seoul, thought she would have a comfortable life in the years ahead. She and her husband had an apartment to live in, and a pension and savings to cover their daily expenses. But her expectations were shattered when she learned about the tax hike on her ho...
April 11, 2021
NPS to widen domestic equity allocation range

South Korea’s National Pension Service has adjusted its rules to raise the strategic asset distribution limit for domestic stock holdings by 1 percentage point, Minister of Health and Welfare Kwon Deok-cheol said on April 9. “The proportion of strategic asset allocation limit for domestic equi...
March 30, 2021
Lending rate cap to be lowered to 20% from July

South Korea’s maximum legal interest rate that private lenders can charge customers will be lowered to 20 percent per annum from July, the nation’s top financial regulator said on March 30. A revised enforcement ordinance to cut the maximum lending rate suggested by the policymaking Financial ...
March 16, 2021
Tax agency cracks down on use of cryptocurrencies to hide assets

South Korea’s tax agency said on March 15 that it had caught more than 2,400 individuals who hid assets in virtual currencies to avoid taxation. The National Tax Service collected data from digital currency exchanges and caught 2,416 tax delinquents who had concealed assets through cryptocurren...

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