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Tax Plan That Sparked Korea Stock Plunge Forced Into Review

Tax Plan That Sparked Korea Stock Plunge Forced Into Review

Bloomberga day ago
South Korea's plan to hike taxes on companies and investors, which caused a sudden slump in one of the world's hottest markets on Friday, is facing mounting discontent that could spell trouble for President Lee Jae Myung's domestic agenda.
A petition to withdraw the capital gains hike proposal received more than 50,000 signatures, surpassing the threshold needed to trigger a standing committee review. Already, the ruling Democratic Party floated a possible revision of the plan and the presidential office said there's a need to study the underlying causes of the stock market decline.
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