http://www.globalderivativesusa.com/fkn2342frt

By Simon Miller

South Korea is to introduce a Tobin tax on popular stock price index options and futures transactions from 2016, its finance ministry announced today.

Kospi 200 futures contracts' value will be taxed at 0.001% the premiums for Kospi 200 option contracts will see a 0.01% tax starting from 1 January 2016.

In a statement, the finance ministry said the financial transaction taxes would raise around KRW100bn (£57m) in tax revenue per year.

Kospi 200 derivative contracts are among the most heavily traded products in the year and the measure is designed to bring derivative taxation in line with other securities such as share transactions which face a 0.3% to 0.5% tax.

Home     More News


Financial Risks Today Beta Banner

Other stories you may find of interest:

Commissioner makes case for finance sector tax
The EU Commissioner for Taxation Algirdas Semeta has reaffirmed his belief that there is a political and economic case for taxing the financial sector with either a Tobin tax on transactions or a tax on activities.

Tobin tax to leave €116bn hole
A European-wide Tobin tax could leave a €116bn (£95bn) hole in the region's public finances, according to a report by accoutants Ernst & Young.

MEPs vote through FTT
The European Parliament has voted overwhelmingly in favour of a Tobin tax.



This website is a part of Perspective Publishing Limited, registered in England No 2876166.