Search results for Youth Future Savings Plan
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 Plan applications top 2 million
Applications for South Korea\'s Youth Future Savings Plan have topped 2 million, with demand expected to continue as the deadline nears. The Financial Services Commission and the Korea Inclusive Finance Agency said cumulative applications stood at 2.012 million as of 1 p.m. on July 2. Applications are open until 6:30 p.m. on July 3. Eligibility screening will run from July 6 to July 24, with results notified individually.
Finance
Korea to expand tax breaks, launch new ISA to encourage long-term domestic stock investment
South Korea will give long-term investors in the National Growth Fund both income deductions on invested amounts and separate low-rate taxation on dividend income. The government will also create a domestic-market-only “productive finance ISA” with significantly expanded tax benefits compared with existing ISAs. Eligible investments will be limited to domestic stocks and funds, the National Growth Fund and BDCs, while overseas ETF investing will be excluded. Tax changes are expected to be reflected in this year’s tax law amendment bill.