Govt, ruling party in S. Korea agree to deliberate on controversial capital gains tax
The two sides held a high-level meeting presided over by Prime Minister Kim Min-seok at his official residence and discussed the controversial proposal to lower the threshold for being classified as a large shareholder from 5 billion won (US$3.59 million) to 1 billion won, DP senior spokesperson Rep. Park Soo-hyun said at a press briefing, reports Yonhap news agency.
If finalised, the measure would be a reversal of the previous administration's decision to raise the threshold from 1 billion won to 5 billion won in order to ease capital gains tax obligations.
"The party and the government consulted and coordinated closely and decided to deliberate on the issue while watching future developments," Park said, adding the party's policy committee conveyed its opinion on the proposal to the government.
The two sides also discussed follow-up measures to South Korea and the United States' recent trade deal, agreeing to provide support to industries and businesses likely to be hit hardest by the new U.S. tariffs, according to Park.
He said the party requested the government thoroughly pursue ways for South Korean businesses to enter the U.S. market while conducting negotiations with Washington on when to lower auto tariffs.
In addition, the party asked that the government prepare meticulously for the Asia-Pacific Economic Cooperation summit to be held in the southeastern city of Gyeongju in October.
Meanwhile, South Korean stocks tumbled at the steepest pace in nearly four months earlier this month as investor sentiment was dragged down by the government's tax revision proposal to raise taxes on corporations and stock investors. The local currency lost sharply against the U.S. dollar to top the 1,400-won line for the first time since May.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
43 minutes ago
- Time of India
'Certainly possible': Zelenskyy may attend US-Russia Alaska Summit, says US ambassador to Nato; no decision made yet
US ambassador to Nato Matthew Whitaker (Image credits: AP) Ukrainian President Volodymyr Zelensky may attend this week's US-Russia summit in Alaska, the US ambassador to Nato Matthew Whitaker said Sunday, as the White House considers inviting him to the August 15 meeting between US President Donald Trump and Russian President Vladimir Putin . When asked on CNN if Zelenskyy might join Trump and Putin on Friday, ambassador Matthew Whitaker responded, "Yes, I definitely think it's possible.' 'Any deal must have the agreement of all involved parties. Ending this war is clearly a top priority,' he added, as quoted by AFP. The summit, currently scheduled without Zelensky's attendance, has raised concerns that any agreement might require Ukraine to cede large parts of its territory — a demand firmly rejected by the European Union . In recent days, Zelensky has been actively engaging in diplomacy, holding phone calls with 13 world leaders, including key allies Germany, Britain, and France. German chancellor Friedrich Merz expressed hope on Sunday that Zelenskyy would attend the summit, saying he 'hoped and assumed' the Ukrainian president would be present. Whitaker emphasised that the final decision rests with Trump. 'If he thinks that that is the best scenario to invite Zelenskyy, then he will do that,' Whitaker said, while noting that 'no decision has been made to this point.' by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Buenos Aires: Unsold Sofas Prices May Surprise You (Prices May Surprise You) Sofas | Search Ads Search Now Undo It remains unclear whether Putin and Zelensky would meet face-to-face if Zelenskyy does attend the Alaska summit, according to a source familiar with the discussions. The White House initially insisted that a meeting between Putin and Zelenskyy be a condition for Trump's talks with the Russian leader, but Trump later stated that such a meeting was not essential. Since Russia's full-scale invasion of Ukraine began in February 2022, tens of thousands have died and millions have been forced to flee their homes. The urgency to end the conflict remains a high priority for all involved parties.
Mint
an hour ago
- Mint
JD Vance on Ukraine-Russia peace deal: ‘Both sides likely to be unhappy'
US Vice President JD Vance acknowledged the difficulty of achieving a peace deal between Russia and Ukraine, saying on Fox News that 'both the Russians and the Ukrainians, probably, at the end of the day, are going to be unhappy with it.' He emphasised the goal of finding a settlement 'both countries can accept,' though warned it would not make 'anybody super happy.' President Donald Trump announced on Friday that he will meet Russian President Vladimir Putin on August 15 in Alaska to negotiate an end to the war in Ukraine, which has lasted over three and a half years. Trump indicated that Russia and Ukraine were close to a ceasefire deal, which could involve Ukraine surrendering significant territory. Contrasting Trump's comments, Ukrainian President Volodymyr Zelensky asserted on Saturday that Ukraine's constitution forbids surrendering land. He firmly stated, 'Ukrainians will not gift their land to the occupiers,' rejecting any agreement that compromises Ukraine's sovereignty. Vance revealed that efforts are underway to organize talks involving Putin, Zelensky, and Trump, although he expressed skepticism about the productivity of a direct meeting between Putin and Zelensky before the US-Russia summit. 'We're at a point now where we're trying to figure out, frankly, scheduling and things like that, around when these three leaders could sit down and discuss an end to this conflict,' he explained. A White House official stated on Saturday that Trump remains open to a summit including both Putin and Zelensky but preparations are currently focused on the bilateral meeting requested by Putin between the US and Russia.
Time of India
2 hours ago
- Time of India
'Global-first' Indian-origin AI startups rake in moolah
Representative AI image BENGALURU: A clutch of India-origin AI startups secured significant early-stage funding, attracting marquee global investors. With a global-first approach, these homegrown startups demonstrated early monetisation potential and commanded premium valuations, reflecting growing confidence in their scalability and global relevance. These AI-native startup deals that TOI learnt about include GigaML, which offers secure on-premise deployment of large language models for enterprise use cases. At a stage of $1-3 million annual recurring revenue (ARR), it raised $40 million led by US-based Redpoint Ventures at a $350 million post-money valuation. Atomicwork, an AI-native alternative to traditional enterprise service desks, secured $25 million in a round that saw participation from Khosla Ventures at a $120 million valuation. Redpoint Ventures and Khosla Ventures have backed prominent tech companies globally. Other transactions TOI learnt about include Y Combinator-backed Emergent, which raised $20 million led by Lightspeed India at a $90 million valuation. UnifyApps secured $50 million from WestBridge Capital at a $250 million valuation. Confido Health raised $9.3 million from investors such as Blume and DeVc at a $35 million valuation. Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Use an AI Writing Tool That Actually Understands Your Voice Grammarly Install Now Undo by Taboola by Taboola Composio raised $25 million in a round led by Lightspeed at a $120 million valuation. Metaforms, at a scale of $1 million, raised $10 million led by Peak XV Partners at a valuation of $50 million. Meanwhile, Weaver AI, at a pre-revenue stage and founded by serial entrepreneur Kushagra Sinha, raised $10-12 million led by First Round Capital at a $70 million valuation. First Round Capital's global portfolio comprises the likes of Notion, Roblox, Square, and Uber. All these native AI deals are India-origin businesses adopting a global-first go-to-market approach.
