FKI to appeal tax revisions

20 September 1999 00:00  [Source: ACN]

The Federation of Korean Industries (FKI) plans to appeal for further tax concessions in the revised law on holding companies.

The amended law, announced at end-August, has proposed a corporate-tax exemption on 90% of the dividend collected by the holding company from affiliates. FKI has called for a tax waiver also on the remaining 10%.

The FKI is also demanding that assets transferred to a holding company be exempted from the 20% capital gains tax.

Holding companies were banned in South Korea in 1987. The holding companies legislation was only reintroduced in April this year. The amended law will come into force on 1 January 2000.

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