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.
Rainfall is expected to become more widespread and persistent across central and southern Taiwan over the next few days, with the effects of the weather patterns becoming most prominent between last night and tomorrow, the Central Weather Administration (CWA) said yesterday. Independent meteorologist Daniel Wu (吳德榮) said that based on the latest forecast models of the combination of a low-pressure system and southwesterly winds, rainfall and flooding are expected to continue in central and southern Taiwan from today to Sunday. The CWA also warned of flash floods, thunder and lightning, and strong gusts in these areas, as well as landslides and fallen
WAITING GAME: The US has so far only offered a ‘best rate tariff,’ which officials assume is about 15 percent, the same as Japan, a person familiar with the matter said Taiwan and the US have completed “technical consultations” regarding tariffs and a finalized rate is expected to be released soon, Executive Yuan spokeswoman Michelle Lee (李慧芝) told a news conference yesterday, as a 90-day pause on US President Donald Trump’s “reciprocal” tariffs is set to expire today. The two countries have reached a “certain degree of consensus” on issues such as tariffs, nontariff trade barriers, trade facilitation, supply chain resilience and economic security, Lee said. They also discussed opportunities for cooperation, investment and procurement, she said. A joint statement is still being negotiated and would be released once the US government has made
SOUTH CHINA SEA? The Philippine president spoke of adding more classrooms and power plants, while skipping tensions with China over disputed areas Philippine President Ferdinand Marcos Jr yesterday blasted “useless and crumbling” flood control projects in a state of the nation address that focused on domestic issues after a months-long feud with his vice president. Addressing a joint session of congress after days of rain that left at least 31 dead, Marcos repeated his recent warning that the nation faced a climate change-driven “new normal,” while pledging to investigate publicly funded projects that had failed. “Let’s not pretend, the people know that these projects can breed corruption. Kickbacks ... for the boys,” he said, citing houses that were “swept away” by the floods. “Someone has
‘CRUDE’: The potential countermeasure is in response to South Africa renaming Taiwan’s representative offices and the insistence that it move out of Pretoria Taiwan is considering banning exports of semiconductors to South Africa after the latter unilaterally downgraded and changed the names of Taiwan’s two representative offices, the Ministry of Foreign Affairs (MOFA) said yesterday. On Monday last week, the South African Department of International Relations and Cooperation unilaterally released a statement saying that, as of April 1, the Taipei Liaison Offices in Pretoria and Cape Town had been renamed the “Taipei Commercial Office in Johannesburg” and the “Taipei Commercial Office in Cape Town.” Citing UN General Assembly Resolution 2758, it said that South Africa “recognizes the People’s Republic of China (PRC) as the sole
RSS