South Korea’s government will exempt corporate taxes for companies selling their assets to pay debt, the Ministry of Strategy and Finance said.
The government wants to revise laws so companies can improve their financial status and accelerate corporate restructuring, the ministry said in a statement in Gwacheon.
The ministry plans to finalize the proposals by the end of the month and wants to change the laws next month.
“We will preemptively repair the tax system and tentatively implement the changes for two years so corporate restructuring can be pursued in a timely manner,” the ministry said. “We will strengthen our tax policy support to help the economy.”
Shareholders who sell their holdings to improve the financial status of companies will receive a tax exemption, the government said. Parent companies that sell their insolvent affiliates and assume their debt will also be given breaks.
The government will allow shipping lines to temporarily pay tax based on their earnings until Dec. 31 next year. Shipping lines’ levies are determined by fleet tonnage, which puts them at a disadvantage when the industry is in a downturn.
The ministry reiterated it would exempt overseas investors from paying tax on interest income and capital gains for domestic bond holdings and broaden the range of tax breaks for non-resident Koreans.
The government wants to increase investment from abroad to help ease the shortage of foreign exchange.
Tax breaks for companies making factory investments will be extended to encourage companies to spend more, the ministry said.
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