SEOUL (Reuters) – South Korea’s finance minister said the federal government will scrap taxes on foreigners’ income from investments in treasury bonds and monetary stabilization bonds from Monday.
Talking to reporters late on Saturday in america after a gathering of Group of 20 finance ministers and central bankers, Choo Kyung-ho said the federal government decided to bring forward the timing of the planned tax removal from 2023 to next week to spice up capital inflows into the local bond market.
FTSE Russell, a worldwide index provider, said on Sept. 30 it had added South Korea to a listing for possible inclusion in its World Government Bond Index (WGBI).
“We were included within the WGBI watchlist at the tip of September but were pondering there may be a must make a fast move to draw more foreign investment into our treasury bond market,” Choo said.
(Reporting by Cynthia Kim; Editing by William Mallard)
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