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Finance

Government keeps ISA terms and contribution limits; anti stock price suppression bill to be revisited in parliament

The government will allow taxpayers to carry over unused annual contribution limits for individual savings accounts (ISA) and will remove limits on contract terms, reversing tougher rules proposed in last month’s tax overhaul plan. The Ministry of Economy and Finance said it finalised a tax law revision bill that includes the ISA changes and plans to submit it to parliament by Sept. 3. It also said a proposal dubbed the anti stock price suppression bill will be further discussed during the regular parliamentary session.

Finance

Youth Future Savings account draws 1,385,000 subscribers; FSC to review additional sign-ups in September

The first recruitment for the Youth Future Savings account drew 2,343,000 applications, with 1,385,000 people completing enrolment, the Financial Services Commission and Korea Inclusive Finance Agency said on Aug. 11. A total of 1,547,000 applicants passed eligibility screening. Authorities are reviewing an additional sign-up period in September as inquiries continue. The call centre received about 8,300 inquiries about further recruitment.

Finance

KB Financial Group creates 1.66 trillion won in social value in first half

KB Financial Group said it measured 1.66 trillion won in social value created in the first half of this year, including 834.0 billion won in the second quarter. It said the figure reflects the monetised positive impact of its ESG activities on customers, shareholders and investors, and local communities. The group cited inclusive finance, support for fraud victims, youth savings and jobs programmes, SME safety and transition support, and community education and cultural projects.