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by IANS |
Seoul, Dec 1 (IANS) The government will introduce a new 0.05 per cent transaction tax on KOSPI stock trades next year, the finance ministry here said on Monday, marking the first time the benchmark market will impose such a levy.
Under the revised tax law approved in July, the tax rate on KOSPI transactions will rise from zero percent to 0.05 percent, while the existing separate 0.15 percent agricultural and fishery village special tax will remain unchanged, reports Yonhap news agency.
Rates for the smaller KOSDAQ market and the K-OTC platform for unlisted firms will increase from 0.15 percent to 0.2 percent, according to the ministry.
The changed rates will take effect Jan. 1.
Meanwhile, South Korean stocks traded slightly lower late on Monday morning, trimming earlier gains, on profit-taking.
After opening higher, the benchmark Korea Composite Stock Price Index (KOSPI) went down 5.47 points, or 0.14 percent, to 3,921.12 as of 11:20 a.m.
On Friday (local time), Wall Street closed broadly higher, extending its winning streak to a fifth day amid the Thanksgiving holiday. The S&P 500 rose 0.54 percent, the Dow Jones Industrial Average gained 0.61 percent, and the tech-heavy Nasdaq composite climbed 0.65 percent.
In Seoul, large-cap shares were mixed.
Chip giant Samsung Electronics increased 0.6 percent, and rival SK hynix gained 0.57 percent. Leading battery maker LG Energy Solution went up 1.23 percent.
Bio shares were among gainers, with Samsung Biologics adding 3.11 percent and Celltrion going up 0.65 percent.
KB Financial Group, a major banking group, rose 0.88 percent.
The local currency was trading at 1,468.76 won against the U.S. dollar at 11:20 a.m., up 1.85 won from the previous session.
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