Mirae Asset Global Investments denies IPO plan for REITs unit

[THE INVESTOR] Mirae Asset Global Investments denied July 28 a report that the firm plans to take its real estate investment trust unit public next year on stock exchanges in the US and Singapore to raise multitrillion won funds to accelerate its property investment business. “We have long wished for setting up a real estate investment trust unit and its initial public offering. But we haven’t mapped out any plans,” an official at Mirae Asset Global Investments told The Investor. On July 28, a l

July 28, 2016

Special tax rate for foreigners to be raised, extended until 2019

[THE INVESTOR] The special income tax rate for foreign nationals will be extended until the end of 2019, but raised by 2 percentage points, the government announced on July 28.According to the tax revision announced by the Ministry of Strategy and Finance, the special income tax rate for foreigners will remain in place until the end of 2019 at the raised rate of 19 percent. Foreign nationals working in Korea can choose to be taxed at the special rate for five years from the date their Korea-base

July 28, 2016

Seoul to require detailed tax data from multinational firms

[THE INVESTOR] South Korea will require multinational corporations to submit business records including those regarding taxation, as part of its efforts to curb tax evasion. According to the revised tax rules, South Korea will comply with the international Base Erosion and Profit Shifting project and require multinational firms with annual revenues exceeding 1 trillion won (US$889 million) to submit detailed records.                                                                                

July 28, 2016

Samsung Securities to start trading Taiwanese stocks

[THE INVESTOR] Samsung Securities will launch a brokerage service on Taiwan-listed securities for institutional investors in a partnership with KGI Securities, the second-largest brokerage in Taiwan.According to Samsung Securities, the two companies signed a memorandum of understanding to cooperate on strengthening their brokerage businesses and expanding equity research coverage at KGI Securities’ headquarters in Taiwan on July 28.　“Samsung Securities will expand its footprint to the entire Asi

July 28, 2016