Korea transaction tax could halve number of derivatives transactions
Proposal for a transaction tax on futures and options could have a dramatic impact on Korea's derivatives market
Turnover in the derivatives market in South Korea could be reduced by over 50% if a proposed new transaction tax on derivatives is approved, say market participants.
The Korean ministry of strategy and finance announced the government's proposed tax law amendments for 2013 that impose a 0.001% tax on Kospi 200 index futures trades, and a 0.01% tax on Kospi 200 index options transactions, effective from January 1, 2016.
The ministry said that the new measures are designed to bring the taxation of
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