{"id":2207017,"date":"2024-11-04T17:29:43","date_gmt":"2024-11-04T08:29:43","guid":{"rendered":"https:\/\/koreapro.org\/?p=2207017"},"modified":"2024-11-05T16:19:26","modified_gmt":"2024-11-05T07:19:26","slug":"south-korea-shelves-expansion-of-capital-gains-tax-boosting-market-liquidity","status":"publish","type":"post","link":"https:\/\/koreapro.org\/2024\/11\/south-korea-shelves-expansion-of-capital-gains-tax-boosting-market-liquidity\/","title":{"rendered":"South Korea shelves expansion of capital gains tax, boosting market liquidity"},"content":{"rendered":"

Main opposition Democratic Party (DP) leader Lee Jae-myung <\/span>announced<\/span><\/a> his support for the repeal of South Korea\u2019s Financial Investment Income Tax (FIIT) on Monday, aligning with the government\u2019s <\/span>push to shelve the tax<\/span><\/a> just two months before it was set to take effect.<\/span><\/p>\n

Initially designed to tax gains from investments across a range of financial assets, the FIIT faced opposition amid concerns it would weaken domestic capital markets and strain economic growth.<\/span><\/p>\n

Lee\u2019s sudden decision to align with the government\u2019s push to abolish the tax will likely calm investors who were anxious about the imminent law, potentially increasing liquidity and fueling growth.<\/span><\/p>\n

However, the move also introduces an array of new risks, cutting off a source of revenue that could have mitigated South Korea\u2019s tax deficit and raising concerns about Seoul\u2019s commitment to market governance.<\/span><\/p>\n

BACKGROUND: THE FIIT DEBATE<\/b><\/p>\n

The FIIT was <\/span>first proposed in 2020<\/span><\/a> as part of a financial reform initiative, and it aimed to impose a capital gains tax on investment income exceeding about $36,500 (50 million won) per year from stocks, bonds, funds and derivatives.<\/span><\/p>\n

South Korea\u2019s current <\/span>capital gains tax<\/span><\/a> primarily targets \u201cmajor shareholders,\u201d defined as individuals with over 1% of shares or with holdings valued above $730,000 (1 billion won) in listed companies. Smaller, retail investors are generally exempt, paying only a securities transaction tax on stock trades.<\/span><\/p>\n

However, the FIIT proposed to extend the tax base to medium-level holdings, impacting a wider array of investors beyond major shareholders, by applying tax rates of 20% on gains above the threshold and 25% on gains exceeding $219,000 (300 million won) annually.<\/span><\/p>\n

This was expected to generate an estimated $1 billion in additional tax revenue per year, intended to address South Korea\u2019s rising fiscal needs as the country\u2019s <\/span>aging population<\/span><\/a> will likely require additional government spending.<\/span><\/p>\n

Despite its revenue potential, the FIIT faced strong opposition from the ruling <\/span>People Power Party<\/span><\/a> (PPP) and the presidential office, which argued it would drain liquidity from the domestic market by discouraging retail investors and driving capital outflows. Critics contended that the policy could lead to a tax exodus, with high-volume sellers exiting the market to avoid new liabilities.<\/span><\/p>\n

The Yoon administration, citing these risks to market stability and economic growth, advocated for repealing the FIIT before its scheduled implementation in January. Now, with Lee Jae-myung\u2019s endorsement, the repeal will likely proceed.<\/span><\/p>\n

\"\"

Main opposition Democratic Party leader Lee Jae-myung speaks at the National Assembly, Nov. 4, 2024 | Image: <\/em>Democratic Party of Korea<\/em><\/a><\/p><\/div>\n

RISKS AHEAD<\/b><\/p>\n

Revenue Shortfalls and Fiscal Strain<\/span><\/i><\/p>\n

The loss of anticipated FIIT revenue will likely compound South Korea\u2019s tax deficit, already projected to <\/span>exceed $7 billion<\/span><\/a> in 2024 due to falling corporate profits and a slowing economy. The Ministry of Economy and Finance reported a 27% drop in corporate tax revenue, while the fiscal deficit widened as tax inflows fell short of projections.<\/span><\/p>\n

Without the FIIT\u2019s estimated $1 billion contribution, fiscal pressure could intensify, likely prompting the government to explore alternative revenue sources, such as higher utility rates or bond issuance, to cover gaps.<\/span><\/p>\n

However, this strategy risks further tightening public spending while raising borrowing costs, potentially limiting the government\u2019s flexibility to support economic growth and manage public services.<\/span><\/p>\n

Market Volatility and Investor Disparities<\/span><\/i><\/p>\n

The FIIT repeal may temporarily stabilize the stock market, but it also introduces risks of heightened long-term volatility.<\/span><\/p>\n

Major investors who adjusted their portfolios to mitigate the FIIT\u2019s impact may now return to the domestic market, potentially triggering rapid price fluctuations. Moreover, retail investors who initially saw the FIIT as a move toward equity in taxation may perceive the repeal as a concession to larger players.<\/span><\/p>\n

The return of high-volume trades by institutions and wealthy individuals may exacerbate market swings, making conditions challenging for smaller investors who lack resources to hedge against rapid fluctuations, thereby widening the disparity in market participation.<\/span><\/p>\n

Public Sentiment and Investor Trust<\/span><\/i><\/p>\n

Public reaction to the FIIT repeal will likely be mixed, revealing deep-seated concerns over perceived inequity in South Korea\u2019s tax system. While the FIIT sought to apply taxes more broadly across financial gains, its repeal will likely be seen by some as favoring institutional investors over ordinary citizens.<\/span><\/p>\n

This shift in tax policy may dent investor confidence and stoke further criticism if policies continue to benefit high-income stakeholders disproportionately. Discontent could impact public trust in South Korean financial reforms, particularly if smaller investors and the public continue to shoulder existing market risks while larger investors receive more favorable tax conditions.<\/span><\/p>\n

The bipartisan support for the FIIT repeal, with both President Yoon Suk-yeol and DP leader Lee advocating for its removal, reflects a rare political consensus.<\/span><\/p>\n

However, this alignment occurs against a backdrop of declining approval ratings for both leaders. The latest <\/span>Gallup Korea poll<\/span><\/a> shows that Yoon\u2019s approval rating has dropped to 19%, with a negative assessment of 70%, while the PPP\u2019s approval stands at 28% and the DP\u2019s at 33%.<\/span><\/p>\n

While Yoon and Lee both agree that repealing the FIIT will help to stabilize the stock market and assuage investors\u2019 concerns, negative public sentiment toward the two major parties will likely result in both sides losing political capital, potentially impacting future reform measures.<\/span><\/p>\n

Broader ESG and Anti-fraud Commitments<\/span><\/i><\/p>\n

The repeal also raises questions about South Korea\u2019s dedication to environmental, social and governance (ESG) standards and its commitment to curbing market misconduct. The FIIT had been positioned as part of a broader regulatory effort to align with international standards by moderating speculative behavior and improving market transparency.<\/span><\/p>\n

Its elimination comes amid growing concerns over governance issues, including persistent scandals related to the <\/span>first lady\u2019s alleged stock manipulation<\/span><\/a> and corporate malfeasance, undermining confidence in market regulation.<\/span><\/p>\n

Foreign investors, who increasingly prioritize transparent and well-regulated markets, may interpret the FIIT\u2019s repeal as a step back from necessary governance reforms, potentially affecting South Korea\u2019s standing in ESG and investor integrity rankings.<\/span><\/p>\n

\"\"

South Korean President Yoon Suk-yeol delivers a keynote address urging key reforms, including the abolition of the Financial Investment Income Tax, May 9, 2024 | Image: ROK Presidential Office<\/a><\/em><\/p><\/div>\n

OPPORTUNITIES AHEAD<\/b><\/p>\n

Boosted Liquidity<\/span><\/i><\/p>\n

On the other hand, the FIIT\u2019s repeal removes a significant tax burden on investments, which will likely enhance market liquidity as domestic and foreign capital re-enters South Korea\u2019s financial markets.<\/span><\/p>\n

This could bolster investor confidence, attracting both institutional and retail participation, especially in critical sectors such as technology and manufacturing.\u00a0<\/span><\/p>\n

Higher liquidity may also support the Korean won and strengthen market capitalization in the KOSPI and KOSDAQ, generating renewed interest in South Korea\u2019s stock exchanges as investment hubs in the region.<\/span><\/p>\n

Competitive Advantage<\/span><\/i><\/p>\n

By abandoning the FIIT, South Korea enhances its appeal relative to other Asian markets with favorable tax regimes.<\/span><\/p>\n

For instance, <\/span>Singapore<\/span><\/a> does not levy capital gains tax on businesses and residents, allowing individuals and companies to sell capital assets without being taxed on the profits realized. Similarly, <\/span>Hong Kong<\/span><\/a> does not impose capital gains tax, contributing to its status as a leading financial hub.<\/span><\/p>\n

Aligning with such investor-friendly policies could drive capital inflows into South Korea, promoting economic growth and supporting its ambitions to become a regional financial center.<\/span><\/p>\n

Growth Sectors<\/span><\/i><\/p>\n

The tax reprieve could channel domestic capital into high-potential industries, including renewable energy, biotech and artificial intelligence.\u00a0<\/span><\/p>\n

For South Korea\u2019s semiconductor sector, which comprises a major portion of the nation\u2019s GDP, the FIIT\u2019s repeal may provide relief from potential tax constraints, allowing companies to allocate resources toward research and development, workforce expansion and production scaling.<\/span><\/p>\n

Enhanced investment in growth sectors could generate jobs, foster innovation and make South Korea\u2019s economy more resilient, helping to offset risks from <\/span>external shocks<\/span><\/a> or global economic downturns.<\/span><\/p>\n

Reduced Tax Burden<\/span><\/i><\/p>\n

The FIIT\u2019s repeal will simplify South Korea\u2019s tax structure on investment income, potentially improving the investor experience. With capital gains no longer subject to the impending FIIT, investors may find the country\u2019s tax regime more transparent and manageable.<\/span><\/p>\n

Simplification could ease compliance burdens, lower administrative costs and make the market more accessible to both domestic and international investors.\u00a0<\/span><\/p>\n

This improved accessibility will likely benefit South Korea\u2019s financial sector by creating a more straightforward tax environment that encourages wider investor engagement.<\/span><\/p>\n

FUTURE OUTLOOK<\/b><\/p>\n

The FIIT repeal marks a major shift in South Korea\u2019s approach to fiscal policy and investment. While the decision aims to stabilize markets, increase liquidity and strengthen the country\u2019s standing, it leaves several challenges in its wake.<\/span><\/p>\n

The government must now confront budgetary constraints, address potential market imbalances and maintain its commitment to regulatory oversight. With heightened global focus on ESG standards and transparent governance, South Korean policymakers may need to find other ways to ensure that investors pay fair taxes on their financial gains without implementing policies that might drive away investors.<\/span><\/p>\n

How South Korea balances these priorities will likely influence its appeal to global investors.<\/span><\/p>\n

Edited by Bryan Betts<\/span><\/i><\/p>\n

Business & Economy<\/span><\/a>Domestic Politics<\/span><\/a><\/div>","protected":false},"excerpt":{"rendered":"

Main opposition Democratic Party (DP) leader Lee Jae-myung announced his support for the repeal of South Korea\u2019s Financial Investment Income Tax (FIIT) on Monday, aligning with the government\u2019s push to shelve the tax just two months before it was set to take effect. 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