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South Korea may delay widening capital gains tax net for foreign investors

SEOUL :  South Korea’s finance minister said on Monday that the government may delay the implementation of a proposed widening of its capital gains tax base for foreign investors, which was due to take effect from July. Kim Dong-yeon said he had received feedback from representatives of the international investment community about the proposal and that he would review the ... Read More »

S. Korea’s exports of petrochemical products reach all time high in 2017

SEOUL: Exports of petrochemical products by South Korean refiners reached an all-time high last year with China becoming the biggest importer of Korean oil products amid recovering oil demand, data showed on Wednesday. According to Korea Petroleum Association on Wednesday, SK Energy Co., GS Caltex Co., S-Oil Corp., Hyundai Oilbank Co., and other Korean refiners together exported a record high ... Read More »

S. Korea to impose retaliatory tariffs on U.S. products

SEOUL: South Korean government is planning to levy import duties equivalent to approximately two trillion won (US$1.8 billion) in retaliation for the U.S. safeguard measures against South Korean washing machines and solar panels. This is because washing machine and solar panel exports to the United States, which amounted to about US$1.155 billion each for the first 11 months of last ... Read More »

South Korean fruit tree nut imports continued upward trend in 2017

SEOUL: South Korea rose by 8% year-on-year to 934,100 metric tons (MT) in 2017, carrying on the strong growth trend seen over previous years.  Bananas remain the most popular imported fruit, seeing a 20% year-on-year rise in 2017 and representing just under half of the trade.This largely explains why Philippines is the leading supplier by far in volume accounting for 45% of ... Read More »

Seoul mulls taxation on virtual currency transactions

SEOUL: Korea is considering imposing taxes on virtual currency transactions as part of its efforts to curb excessively speculative investment in cryptocurrencies, the country’s top economic policymaker said Thursday.  We are reviewing (taxation) because (cryptocurrency) is seen to be taxable,” Finance Minister Kim Dong-yeon told lawmakers. “We are looking at a variety of cases in other countries.Kim said earlier a ... Read More »

S. Korea’s petrochemical exports hit record high in 2017

SEOUL: Exports of oil and related goods by South Korean refiners reached an all-time high last year on strong demand and higher oil prices, industry data showed Wednesday. Oil and petrochemical goods exported by SK Innovation Co., GS-Caltex Co., S-Oil Corp., Hyundai Oilbank Co. and others reached 472.32 million barrels in 2017, up 4.3 percent from a year earlier, according ... Read More »

South Korea GDP growth seen slowing last quarter as factory output slipped

SEOUL:  South Korea’s economic growth is expected to have slowed significantly in the fourth quarter as October’s national holiday weighed on factory output. A Reuters survey of 10 economists found the economy was expected to have grown just 0.1 percent in the October-December period from a quarter earlier, a big step down from the third quarter’s 1.5 percent rise. The ... Read More »

S. Korea’s ramyeon exports surpass US$300m in 2017

SEOUL: Exports of South Korean-made instant noodles, or “ramyeon,” surpassed the US$300 million mark for the first time ever on the back of strong popularity in China, the United States and Southeast Asian nations, government data showed Tuesday. Shipments of ramyeon reached a record high of $380 million last year, up a sharp 31.2 percent from a year earlier, according ... Read More »

South Korea to tax cryptocurrency exchanges at 24.2%

SEOL: South Korea are planning to tax most cryptocurrency exchange profits at 24.2%, taking a considerable bite from the bottom line. This isn’t a new law, but represents an application of current tax laws which require all businesses with annual income over 20 billion won (US$18.7 million) to pay 22% corporate tax and 2.2% local tax on their income. Most ... Read More »

After South Korea Indian crypto world in fix tax department

SEOL: Tax officials were reported to have inspected documents of at least nine Bitcoin exchanges in Delhi, Bengaluru, Hyderabad, Kochi and Gurugram since early morning Wednesday. A report appearing in Reuters quoted the Director General for Income Tax at Karnataka as confirming that notices were sent to evaluate patterns of virtual trade. The department has so far sent notices to ... Read More »

S.Korea kimchi trade deficit at record high

SEOL: South Korea’s trade deficit for kimchi, or spicy pickled vegetables, hit a record high of over 47 million dollars last year. The Korea Customs Service says the country imported more than 275,000 tons of kimchi while exporting about 24,000 tons. The trade deficit in the traditional side dish was up 11 percent from the previous year and is the ... Read More »

South Korea’s 2017 crude imports confirm diversification efforts

SEOL: South Korea’s strong desire to diversify its crude oil import sources became crystal clear with latest government data confirming that Asia’s fourth-largest energy consumer imported less barrels from its traditional Middle Eastern suppliers in 2017, while domestic refiners sharply raised purchases from North America last year. The US and Russia stood out from the preliminary data released by Korea ... Read More »

Korea confirms anti dumping duties on PET film imports

SEOL: Korea’s trade commission said on Jan. 18 it has recommended the government levy anti-dumping duties on polyethylene terephthalate film imported from Taiwan, Thailand and the United Arab Emirates. The Korea Trade Commission said it set duties of 3.7-60.9 percent on synthetic resin imported from the three countries for the next five years. The tariffs will be confirmed by the ... Read More »

South Korea mulls virtual currency exchange shutdown

SEOL: South Korea is considering shutting down all local virtual currency exchanges, the country’s finance regulator chief said Thursday. Answering MP questions from the country’s National Assembly in a national policy committee meeting, Choi Jong-ku, head of the Financial Services Commission (FSC), said the government was considering “both options” of either shutting down all virtual currency exchanges or the ones ... Read More »

S. Korea imports $25b worth of food in 2017

SEOL: South Korea imported more than US$25 billion (27 trillion won) worth of food last year, up 7 percent from a year earlier. The biggest shipment in monetary terms coming from the United States and in quantity terms from China. The Ministry of Food and Drug Safety announced on January 16 that the nation’s food imports in terms of amount ... Read More »

S Korea Iranian crude oil imports plunge over 30%

SEOL: South Korea’s imports of Iranian crude oil dropped 30.6% in December from the year before, while inbound shipments from the Middle Eastern nation over the whole of 2017 jumped by 29.1%, customs data showed yesterday. The world’s fifth-largest crude importer in December brought in 1.08mn tonnes of Iranian crude, or 255,081 barrels per day (bpd), down 30.6% from 1.55mn ... Read More »

Korea to make decision on proposed virtual currency exchange

SEOL: The government said Monday it will make a decision on a proposed shutdown of all cryptocurrency exchanges after “sufficient consultation and coordination of opinions” as the proposal sparked confusion in the market and anger among investors. The Office for Government Policy Coordination made the announcement, downplaying the justice minister’s remark last week that the government is working on legislation ... Read More »

S. Korea cigarette exports hit record high in 2017

SEOL: South Korea’s cigarette exports rose to a record high last year on the back of growing demand from Southeast Asian countries, the latest customs data showed Saturday. he total value of tobacco exports reached a record US$1.13 billion in 2017, up 9.7 percent from the previous year’s $1.01 billion, according to the data compiled by the Korea Customs Service. ... Read More »

South Korea ethanol imports jump 39% on year in 2017

SEOL: South Korea’s ethanol imports increased 39% year on year to 261,584 mt in 2017, according to data released Thursday by Korea Customs Service. The US remained the key import origin last year, accounting for 78% of total imports, followed by Pakistan at 10% and South Africa at 6%. Undenatured ethanol imports however, fell 6% year on year to 143,802 ... Read More »

S. Korea to lead regulatory unification in Asian cosmetics market

SEOL:  Ministry of Food and Drug Safety of South Korea announced on January 10 that it would form a new council with ASEAN member countries by 2019 so that regulations in the cosmetics industry can be made uniform in the region and South Korean cosmetics companies can better penetrate the ASEAN market. To this end, the ministry is going to ... Read More »