South Korea hikes taxes on the rich, corporates and investors

Seoul

SOUTH Korea imposed stiff tax hikes on Wednesday, targeting leading conglomerates, high-income individuals and investors with large holdings of South Korean shares as President Moon Jae-in seeks to tackle income inequality and fund increased welfare benefits.

The corporate tax changes will hit 129 companies in South Korea and are expected to increase government revenue from corporate taxes by 5 per cent or 2.6 trillion South Korean won (S$3.1 billion) from the 2018 tax year, the finance ministry said.

The top marginal corporate income tax rate will be ra…