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Ruling party faces backlash on tax code revision
Ruling party faces backlash on tax code revision

Korea Herald

time03-08-2025

  • Business
  • Korea Herald

Ruling party faces backlash on tax code revision

The ruling Democratic Party of Korea is facing backlash amid speculation that Friday's sharp drop in the Korea Exchange's main board Kospi may be associated with the Lee Jae Myung government's push to impose taxes on a wider scope of investors to address the tax revenue shortfall. On Sunday, Rep. Park Sung-hoon of the main opposition People Power Party said in a statement that the ruling bloc has "waged war against individual investors out of nowhere" through the proposed tax code revision, which he blamed for the Kospi's fall by 3.88 percent on Friday from the previous day's close, marking the sharpest decline in four months. About 99.17 trillion won ($71.36 billion) of market cap evaporated solely on Friday from 850 listed companies on the Kospi combined, according to the Korea Exchange, a day after the liberal administration on Thursday introduced a tax code revision to broaden the tax base. Also, over 90,000 people as of Sunday afternoon had signed an online petition posted just three days earlier Thursday to call on the ruling bloc to slam the brakes on the tax bill revision ― meeting the requirement of 50,000 signatures within 30 days for the matter to be brought to a parliamentary review. The proposed revision of the Income Tax Act indicates that those identified by year-end as stock investors holding at least 1 billion won in a listed company's shares will be levied a capital gains tax of at least 20 percent upon taking profits from selling shares until the end of the company's business year that follows. The same investor's losses in another company's stocks cannot be used to offset capital gains taxes from his or her profits, under South Korea's tax code. The online petitioner warned of a situation in which investors rush to sell off securities as the end of the year approaches ― even at a loss ― to offset capital gains tax, which it said would stymie the moderate rise of Kospi. "Is it realistic (to predict) that you'll be holding 1 billion won worth of shares (of a company by the year-end)? Most investors will begin selling shares when their stock holdings of a company begin to value about 700 or 800 million won," read the petition. Currently, those holding shares worth 5 billion won or more are imposed capital gains tax for their sales of securities. This follows the former administration's move by disgraced ex-President Yoon Suk Yeol to raise the bar for investors in South Korean companies to become a "major stockholder" under the Income Tax Act. In December 2023, the minimum threshold for a stock investor to be classified a "major stockholder" for capital gains taxation was raised to 5 billion won, up from the 1 billion won mark set in April 2020. "Am I paying (more taxes) because I'm holding a greater amount of stocks, not because I took bigger gains? If so, I'll surely exit the South Korean stock markets and turn to ones in the United States," the petition also read. The proposed tax code revision ― predicted to collect 35.6 trillion won in taxes ― also suggests that the securities transaction tax rate be raised from 0.15 percent to 0.2 percent. Na Jeong-hwan, a strategist at NH Investment & Securities, said in a note to investors Friday that fears of tax code changes "sparked questions about the government's policy to boost the stock market." The ruling bloc appears to have mixed views over the new tax code proposal. Democratic Party Rep. Jin Sung-joon, who leads the party's policymaking process, downplayed concerns that the tax code changes could stoke a bear turn in the stock market. Referring to an underperformance in domestic stocks under the Yoon administration, despite the eased capital gains tax rule, Jin said via Facebook on Saturday, "Many investors and experts are saying that if we change who is to be levied capital gains by rolling back (the tax relief of the Yoon administration) our stock market could experience a collapse, but precedents suggest otherwise." Presidential spokesperson Kang Yu-jung also played down a connection between the fluctuation in the stock market and the tax code revision announcement, saying in a briefing Friday that a cause-and-effect analysis on Friday's stock slide "must be carried out more delicately." However, before Friday's plunge, Rep. Lee So-young of the Democratic Party in a Facebook post Thursday raised doubts that those holding 1 billion won of stocks of a company should be deemed a major stockholder for capital gains taxation, adding that the move could disrupt investors, while the degree of increase in the tax revenue from the changes remains unclear. Rep. Kim Han-kyu of the Democratic Party also said Saturday that striking fairness in taxation schemes is important, but now is the time to focus on the Lee administration's campaign pledge for the Kospi to reach 5,000. The Kospi stood at 3,119.41 points at Friday's close.

Park Sung-hoon says it was fun to film Squid Game & Queen Of Tears at same time
Park Sung-hoon says it was fun to film Squid Game & Queen Of Tears at same time

The Star

time05-07-2025

  • Entertainment
  • The Star

Park Sung-hoon says it was fun to film Squid Game & Queen Of Tears at same time

Hyun-ju (right) or Player 120 is a highly trained ex-Special Forces soldier. Photo: Handout Park Sung-hoon recalls that, for a while, he was viewed unfavourably by the public. That's because he had just come off playing two particu­larly unlikeable characters – first in The Glory (2022), then in Queen Of Tears (2024). In both dramas, the characters he played made life miserable for the leading ladies. 'I played two villains back-to-back, and whenever I went out to eat, some people would actually be mad at me for those roles,' the 40-year-old actor tells StarLifestyle with a laugh over Zoom. Fortunately, things began to change when the second season of Squid Game premiered at the end of 2024. In it, Park portrays Hyun-ju, also known as Player 120 – a highly trained ex-Special Forces soldier who was discharged after coming out as a trans woman. She enters the deadly competition to win the cash prize in order to foot her transition surgery. 'I'm really happy that I have played Hyun-Ju, who is such a cool character. She kind of turned everything around for me and made people like me,' says Park fondly of his character. 'Actually, I was shooting Squid Game and Queen Of Tears almost simultaneously, and it was really fun for me, going back and forth between two totally opposite characters,' he adds. Hyun-ju quickly became a fan-favourite thanks to her courage and always trying to do the right thing, even in dangerous situations. Park Sung-hoon says his character in 'Squid Game' is a cool person. Photo: Handout However, when the series premiered, there were criticisms about casting a male actor instead of a transgender actor for the role of Hyun-ju. Series creator-director Hwang Dong-hyuk told an American outlet that he did anticipate that this matter would crop up. 'In the beginning we were doing our research, and I was thinking of doing an authentic casting of a trans actor... When we researched in Korea, there are close to no actors that are openly trans,' he explained to Entertainment Weekly . Nonetheless, Hyun-ju stands out among the players in Squid Game especially in the scenes where she's interacting with Geum-ja (Player 149, played by Kang Ae-sim) and Jun-hee (Player 222, played by Jo Yu-ri). According to Park, the camaraderie among cast members helped strengthen their on-screen chemistry, even though they were always filming intense, emotionally charged scenes. 'We often talked about our performances, and about life in general. After wrapping for the day, we'd sometimes go for drinks just to relax and chat,' he says. 'I think the bond formed really naturally. Since most scenes were shot in chronological order, we didn't have to force the chemistry – it built up on its own, with emotions stacking scene by scene. 'So even though some scenes were emotionally draining, the connection made it all feel easier.' South Korean stars Kang Ae-sim (lef) and Park Sung-hoon bonded while making the show. Photo: AFP Next up for Park is a new drama opposite Han Ji-min, set to premiere in 2026, an entertainment portal reported. Only earlier this year, he was dropped from another K-drama, The Tyrant's Chef , after receiving backlash for uploading on social media an image of a porn video parodying Squid Game . Reflecting on the Squid Game experience, Park says: 'Over the past few months, I've been doing promotions overseas and met so many people – it's been fascinating to see how many of them already know me and welcome me so warmly. 'It still hasn't fully sunk in, especially since I look a bit different now with a new hairstyle, but people still recognise me instantly. 'It's been such a cool experience. And I really hope it opens up more opportunities for me to be part of global projects in the future.' Squid Game is available on Netflix.

Squid Game Cast Reacts To Season 3 Trailer With Surprise Guest T.O.P
Squid Game Cast Reacts To Season 3 Trailer With Surprise Guest T.O.P

News18

time05-06-2025

  • Entertainment
  • News18

Squid Game Cast Reacts To Season 3 Trailer With Surprise Guest T.O.P

Last Updated: Ahead of Squid Game season 3, Lee Byung-hun, Park Sung-hoon, Lee Jung-jae, Kang Ae-sim and director Hwang Dong-hyuk gathered to watch the new trailer. Netflix recently dropped the official trailer for the last season of Squid Game, and fans are hyped. The previous season ended with a cliffhanger after Player 456's attempt to challenge the game's creators didn't succeed. Now, everyone is eager to see what happens in the next instalment. Ahead of the release, cast members Lee Byung-hun, Park Sung-hoon, Lee Jung-jae and Kang Ae-sim, along with director Hwang Dong-hyuk, gathered to watch the new trailer and share their thoughts on it. One surprising moment was when T.O.P, who played Thanos in season 2, appeared with the other cast members. While it's still unclear if his character will return after his demise in the show, fans got excited just seeing him again. Reacting to the trailer, Lee Byung-hun, who plays Front Man, said, 'Wow, so handsome. Why do I look so sad? I think there will be people who get their questions answered by watching this trailer." Park Sung-hoon added, 'The trailer is more desperate, violent and heavy than season 2." Director Hwang Dong-hyuk shared the most insightful moments from Squid Game season 3. He said, 'The Mingle song was a big hit in season 2, so I put this jump rope song here as another attempt to make another hit song for season 3. There's a game set in the streets with a starry sky. I think that it's the most dramatic and impactful game from all seasons. Fans should prepare themselves before watching this game. It's funny to say it looks fun when I created the show. It's a well made trailer without revealing too much, but it contains all the elements from season 3 that invite curiosity and expectations. You'll see things that are beyond your expectations, which I promise fans with confidence." T.O.P's appearance added to the mystery about his potential return. The actor claimed, 'I, Thanos, don't know anything about Season 3. So I'm curious and excited." Squid Game Season 3 starts right after the shocking ending of Season 2. Gi-hun is feeling completely lost and broken, but the deadly games are not over. He is pulled back into the brutal world, where he must make tough choices to survive. The games are even more dangerous now and every decision the players make could lead to serious trouble or even death. At the same time, In-ho is back as the Front Man and continues running the games while welcoming the powerful VIP guests. His brother, Jun-ho, is still trying to find the hidden island where the games take place. But what he doesn't know is that someone close to him may be working against him. As the games go on, Gi-hun has to figure out what to do next. Squid Game season 3 also includes Wi Ha-jun, Yim Si-wan, Kang Ha-neul, Yang Dong-geun, Jo Yuri, Lee David, Roh Jae-won and Park Gyu-young. First Published: June 05, 2025, 15:34 IST

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