South Korea's Capital Gains Tax Remains At 15%

by Mary Swire, Tax-News.com, Hong Kong

17 December 2001

An official from South Korea's ruling Millennium Democracy Party has told reporters that the current capital gains tax of 15 per cent is likely to remain untouched after reports from the Chosun Ilbo newspaper alleged that it will be cut by at least one percentage point and the opposition Grand National Party called for it to be cut at least to 13 per cent.

However, according to the Wall Street Journal the official did confirm that, in a bid to boost consumer spending, the parties have come to an agreement to lower total income tax rates to between 9 per cent and 36 per cent from the current 10 per cent to 40 per cent, to take effect from 1 January, 2002.

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