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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The Central Weather Administration (CWA) yesterday said there are four weather systems in the western Pacific, with one likely to strengthen into a tropical storm and pose a threat to Taiwan. The nascent tropical storm would be named Usagi and would be the fourth storm in the western Pacific at the moment, along with Typhoon Yinxing and tropical storms Toraji and Manyi, the CWA said. It would be the first time that four tropical cyclones exist simultaneously in November, it added. Records from the meteorology agency showed that three tropical cyclones existed concurrently in January in 1968, 1991 and 1992.
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‘SOMETHING SPECIAL’: Donald Trump vowed to reward his supporters, while President William Lai said he was confident the Taiwan-US partnership would continue Donald Trump was elected the 47th president of the US early yesterday morning, an extraordinary comeback for a former president who was convicted of felony charges and survived two assassination attempts. With a win in Wisconsin, Trump cleared the 270 electoral votes needed to clinch the presidency. As of press time last night, The Associated Press had Trump on 277 electoral college votes to 224 for US Vice President Kamala Harris, the Democratic Party’s nominee, with Alaska, Arizona, Maine, Michigan and Nevada yet to finalize results. He had 71,289,216 votes nationwide, or 51 percent, while Harris had 66,360,324 (47.5 percent). “We’ve been through so
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