SEOUL: The finance ministry here on Wednesday announced a package of tax benefits aimed at revitalising the domestic capital market, including a new incentive program for retail investors who sell overseas stocks and reinvest the proceeds in domestic assets.
The latest steps come as part of a series of measures by foreign exchange authorities amid continued net capital outflows by domestic investors, with the Korean won nearing its weakest level against the U.S. dollar in 16 years, reports Yonhap news agency.
Under the plan, individual investors who sell overseas stocks, convert the proceeds into Korean won and make long-term investments in domestic equities will be granted temporary tax relief on capital gains from overseas stock sales for a period of one year, the Ministry of Economy and Finance said.