The Moon Jae-in administration will start raising the rate of taxation for large businesses next year. Going against the latest trend that many countries are scrambling to lower corporate taxes, the government will increase the top marginal corporate income tax rate by 3 percent points and reduce th
The Moon Jae-in administration will increase the number of electric cars and hydrogen powered cars to 350,000 and 15,000, respectively, by 2022. It will also focus on promoting new industries of the future that can create high added value, such as semiconductor, augmented reality (AR) and virtual re
The Hyundai Avante and Ioniq compacts and the Kia Niro crossover have been recently ordered to recall from the Korean government due to defects of electric power steering motor connector manufactured and supplied by LG Innotek, a components subsidiary of LG Group.The problem is Chinese industrial tr
It has been found that Roh So-yeong, wife of SK Group chairman Chey Tae-won, sent then President Park Geun-hye a letter telling Park her intention to take issue with a presidential pardon for her husband SK Group chairman Chey in honor of Liberation Day in August 2015. The reasons for her opposition
South Korea’s service trade deficit with the United States increased to its record level in 2016.According to "the international balance of payments by region (provisional) in 2016" released by the Bank of Korea (BOK) on June 20, Korea’s service account deficit with the US reached US$14.28 billion l
StubHub, the world’s largest ticket marketplace, today published the results of a consumer survey it commissioned that asked 2,000 Koreans about their perceptions of secondary ticketing. The survey found that 61 percent of respondents have purchased secondary tickets for live entertainment or sporti
Korea Fair Trade Commission (KFTC) prosecuted Booyoung Group chairman Lee Joong-keun on June 18 for having tampered, for over 10 years, with data on the group’s subsidiaries required to be submitted to itself.Chaebol reform by the prevention of unfair intra-group transactions is one of the key goals
A conflict between the labor and the management at Citibank Korea is spreading like wildfire, giving rise to a legal battle. As Citibank Korea decided to cut back on its branches 80% beginning in July of this year, conflicts between the labor and the management has now reached a point where both si
The introduction of comprehensive supervision of financial conglomerates is picking up speed in South Korea. Under the circumstances, much attention is being paid to which companies will be subject to the supervision.According to financial experts and scholars, a clear definition of financial conglo
South Korea has failed to reduce household debt for six years. Accordingly, the new government is preparing for a two track strategy consisting of an increase in laborers' income and welfare in order to tackle the country's soaring household debt. It will come up with measures to increase workers’ i
On May 21, South Korean President Moon Jae-in nominated Ajou University president Kim Dong-yeon as Deputy Prime Minister for Economic Affairs and Minister of Strategy & Finance and Korea University professor Jang Ha-sung as Presidential Senior Advisor for Policy Affairs. This nomination is regarded
Trade unions in South Korea are demanding new labor-management relations under the new government. The Korean Confederation of Trade Unions (KCTU) is even calling for direct negotiations between workers and the government instead of those in the framework of the tripartite committee. Under the circu
The prosecution decided to indict Lotte Group chairman Shin Dong-bin and not to indict SK Group chairman Chey Tae-won with regard to bribery allegations against former President Park Geun-hye. These contrasting decisions are leading to contrasting responses from the two groups. The SK Group is expec
As President Park Geun-hye was forced out of office due to the Choi Soon-sil Gate that triggered her impeachment, “creative economy,” one of the key policies promoted by former President Park Geun-hye, seems to be fading into history. Both Samsung and CJ are considering the name change of creative e
Overseas travel bans will be lifted probably next week for Lotte Group chairman Shin Dong-bin and SK Group chairman Chey Tae-won who were investigated over the Choi Soon-sil scandal."At present, there is no need to extend the overseas travel bans on chairmen Shin Dong-bin and Chey Tae-won," said an
Kolmar Korea Chairman Yoon Dong-han was indicted on charges of making a profit through borrowed-name security accounts and evading billions of won of taxes.The Seoul Central District Prosecutors' Office Special Part 3 announced on January 26 that it charged Yoon with suspicion of violating taxation
The Incheon Free Economic Zone (IFEZ) Public Relations Office has emerged as a place key figures at home and abroad must go. In particular, most foreign visitors were potential investors and officials from other institutions which seek to benchmark the zone. Therefore, the office is expected to help
Samsung Electronics vice chairman Lee Jae-yong was summoned by special prosecutors on January 12 for allegations that he offered a bribe to Choi Soon-sil and her family.After an investigation, the team of special prosecutors led by Park Young-soo is planning to determine whether or not to apply for
South Korea's tax authorities uncovered Kim Hee-geun, chairman of Byucksan Engineering, hiding his offshore bank accounts with a large sum of money. The National Tax Service (NTS) posted the actual address and the amount of money, who failed to report his offshore bank accounts to the authorities, o
It has been found that Genesis BBQ, a franchised chicken business operator, falsified the number of its members so it became impossible for the food company to recruit new members for the time being.The Fair Trade Commission said on November 11 that the commission canceled its registration of its di