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Reporter : Yoon Ja-young
Tue, December 6, 2022 | 23:30
High-priced real estate faces heavier taxes
People owning multiple homes or high-priced real estate will face an increase in taxes as part of a tax code revision unveiled by the Ministry of Strategy and Finance, Monday. Also, those who avoid taxes by transferring income or wealth overseas will be subject to heavy penalties.
Soaring eating-out costs weigh on households
Kang, an office worker in Gangnam, southern Seoul, has been refraining from eating out for lunch. He instead goes to the company cafeteria.
Government's price control distorts inflation
The government is increasing price controls on goods and services to curb inflation, but it often ends up hindering itself from taking the right monetary policies, a report showed Sunday.
Golden years losing luster: Koreans forced to work after retirement
Traveling, following hobbies or volunteering. These are typical activities most people dream of doing after retirement, but they seem to be out of reach for many Koreans. A majority of them continue working after their official retirement age due to the poor social safety net coupled with early retirement.
Rural activist promotes traditional alcohols
Kyeong Ki-ho, who runs Sejong Brewing jointly with his wife in Cheongju, North Chungcheong Province, introduces himself as a rural activist. He led a campaign to develop underdeveloped rural communities while living in Goesan, North Chungcheong Province, but had to leave as it lacked an education infrastructure for his children.
Workers suffer from 'stagflation'
At the same time as economic growth is losing momentum, consumers are facing heavier inflationary pressures from global oil price hikes, and the record heat wave. The situation is bad, with stagflation for low-income households setting in as their disposable income has decreased, and economists fearing that the economy may fall into a vicious cycle. Stagflation is a deadly co...
Finance minister seeks exemption from US car tariffs
Strategy and Finance Minister Kim Dong-yeon requested the United States exempt Korea from its planned tariffs on automobiles, Saturday (local time), while also calling for an exemption from U.S. sanctions on Iran.
REITs seek paradigm shift in real estate investment
Many Koreans are obsessed with buying an apartment, which has led to problems such as speculation, soaring housing prices and household debt. This has prompted the current administration to strengthen regulations and increase taxes, which have made apartments a less attractive investment as of late. People therefore may look at investing in real estate investment trusts (REIT...
Korea voices opposition to US car tariffs
The government and the auto industry voiced opposition to the U.S. plan to levy tariffs on imported cars, stressing that Korean cars do not threaten U.S. security while contributing to the U.S. economy.
KOSPI coupling with Shanghai bourse amid trade war
The country's main KOSPI is decoupling from the U.S. bourse while coupling with the Chinese index amid an intensifying trade conflict between the two super powers. Global liquidity heading back to the United States as well as Korea's heavy dependence on China for exports are dragging down the KOSPI from further rises.