South Korea Considering A Cut In Stock Trading Taxes
Taxes levied on stock trades in South Korea may be reduced amid escalating
fears of a recession, according to the head of the country's Financial Services
Commission (FSC), Jun Kwang-woo. Mr Woo's plan - which was announced on Thursday - is thought to have arisen after figures released earlier in the week
showed a 7.24% decline in the Korea Composite Stock Price Index (KOPSI). Woo is hoping the tax cut will increase the opportunities for trade and
investment both in and out of the country. Mr Woo has predicted that a tax cut alone will not be enough to reverse
the damage done by the current global financial turmoil. Financial experts have agreed that, due to the current pressure on banks, Korea's
financial markets will suffer some instability in the coming months as worries about a recession increase. Mr Woo remarked: "The current situation will go on for a while and will continue at least
through the first half of next year. Problems with foreign currency liquidity
have been worsening." .
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