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Finance

KOSPI breaks 5,000 for first time, sets new record

South Korea\'s KOSPI index crossed the 5,000 mark for the first time on Jan. 22, rising 92.21 points, or 1.88 percent, to 5,002.14 at 9:01 a.m., the Korea Exchange said. The benchmark began at 100 in January 1980. The government plans tax incentives and a new Returning to the Domestic Market Account to encourage investors who moved into overseas stocks to return.

Finance

National Growth Fund to offer up to 40 percent income deduction; RIA cherrypicking curbs detailed

South Korea will grant an income deduction of up to 40 percent to individuals investing in a public-participation National Growth Fund, with a separate 9 percent tax on dividend income for long-term investments. It will also create tax incentives for return-to-domestic-market accounts that convert proceeds from selling overseas stocks into won and invest domestically, while adjusting benefits to deter cherrypicking and adding limited, time-bound FX market measures.