Agricultural and fisheries ministries to request review of anti-graft law

[THE INVESTOR] South Korea’s two ministries overlooking agriculture and fisheries on July 28 said they would request the Ministry of Government Legislation’s policy coordination committee to make adjustments to the anti-graft law that will be implemented in September.The Ministry of Agriculture, Food and Rural Affairs and the Ministry of Oceans and Fisheries announced their decision shortly after the Constitutional Court ruled the refuted clauses of the law -- also known as the Kim Young-ran law

July 28, 2016

Capital gains tax on stock sales to be widened from April 2018

[THE INVESTOR] The capital gains tax on profits reaped from sale of stocks will be levied on a wider range of shareholders as the government pushes to subject all stock sales to taxation. According to the tax revision announced on July 28, capital gains tax will be levied on individuals who hold 1.5 billion won (US$1.33 million) or more of an individual company’s shares from April 2018. Both Kospi- and Kosdaq-listed stocks will be subjected to the same limit. At present, only those who hold more

July 28, 2016

Constitutional Court subjects journalists, private school faculty to new anti-graft law

[THE INVESTOR] The constitutional court of South Korea on July 28 ruled that a controversial anti-graft law set to be implemented later this year is “constitutional” to subject journalists and private school teachers to the legislation.The court also ruled that it was constitutional for the new law to place a limit on the goods and services that these individuals may be treated to. 123rfThe law currently stipulates a maximum penalty of three years or more in prison, or fines of five times the am

July 28, 2016