Tax - News .com: withholding tax Korea South bond Passes First Hurdle

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Selected tax Korea Southern Hurdle first bonds passes by Mary Swire, tax - News .com, Hong Kong
Last updated 15 hours ago | 09 December 2010

Korea?s Parliament Committee approved the proposal to re-apply for withholding tax on interest payable to investors in bonds of the South Korean Government.

The reintroduction of the withholding tax, which has been deleted in last may in an attempt to stimulate investment by foreign long-term funds, is now deemed necessary to put a brake on the flux of volatile foreign short-term financial markets of the country?s capital.

Adoption of the Bill by the Committee means that, with the support of the Ministry of strategy and finance, tax could be effective at the beginning of next year. It would be applicable to all bonds purchased by foreign the investors or after 13 November 2010.

The legislation would reintroduce the previous selected government bonds held by foreigners, but leaves investors tax the rate to be applied between zero and 14%, with the eventual choice of Government. However, given the perceived need to reduce the level of entries in foreign funds, said that the maximum rate of 14% was more likely to be applied immediately.

The Committee also adopted a proposal that residents of South Korea must declare all accounts held with the financial institutions overseas above a certain amount next June. If these accounts are not reported or resident said a lesser amount that was held in an account, a fine would be payable.

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