SEOUL, April 15 (Reuters) - South Korea’s finance minister said the planned tax cut for stock transactions will begin on June 3, according to local media reports on Sunday.
The measure is expected to reduce tax revenue for Asia’s fourth largest economy by 1.4 trillion won ($1.23 billion)from a year earlier, Hong Nam-ki told local media during his business trip to Washington D.C.
Last month, the ministry and top regulator said the trading tax for stocks listed in major KOSPI and junior KOSDAQ markets will be cut by 0.05 percentage point each.
The KONEX stocks trading tax is expected to fall to 0.10 percent the authorities said, while the tax for unlisted shares will drop to 0.45 percent. ($1 = 1,133.7200 won) (Reporting by Hayoung Choi; Editing by Shri Navaratnam)