중앙데일리

War Declared On Value-Added Tax Renegades

Businesses that commit tax fraud by falsely claiming value-added tax refunds will face criminal charges, a National Tax Service official said Wednesday. Kim Ho-ki, who heads the agency's value-added tax division, said the service will begin tax audits early next month on businesses suspected of filing false claims. Penalties for improper activities will include an added assessment of 10 percent of the tax refund claimed, Mr. Kim said. "…

Apr 26,2001
Program Buying Takes Market Up

Share prices on the Korea Stock Exchange turned higher Wednesday, recovering early losses on heavy program buying sparked by a stronger futures market. The Korea Composite Stock Price Index gained 10.7 points, or 1.9 percent, to 566.34, off a low of 551.25. Trading volume was heavy at 376.5 million shares valued at 1.8 trillion won ($1.4 billion). Advancing issues outnumbered decliners 402 to 353, with 105 other stocks unchanged. Twenty-on…

Apr 26,2001
'Repos' Find Favor As Rates Fluctuate

Repurchase agreements are gaining investor popularity as bond prices fall, the Korea Securities Dealers Association said Wednesday. Financial institutions sell such agreements by pledging treasury bonds and blue chip corporate bonds, and sellers agree to buy them back at a given price, guaranteeing a rate of return. Securities companies sold 2.4 trillion won ($1.8 billion) worth of the agreements through the end of last year and an additiona…

Apr 26,2001
Lenders Get Disclosure Rules

To check usury and illegal debt-collection practices, private lenders must disclose annual interest rates and all extra expenses on their advertisements beginning June 1, the Fair Trade Commission said Wednesday. Violators of the regulation will face up to 100 million won ($76,450) in fines, the regulatory commission said. The noninstitutional lenders' typical practice of handing out flyers with lures like "low interest" or "fast loan" will a…

Apr 26,2001
IMF's Lowered Forecast for Korea May Be Self-Fulfilling, Analysts Fear

Following a series of revisions by domestic think tanks on their economic growth forecasts, the International Monetary Fund lowered its projection for the Korean economy to 3.5 percent. But the government continues to maintain its 5 percent growth forecast amid growing concern over how the revisions themselves will affect the economy. Analysts believe that a percentage-point decrease in the growth rate will translate to approximately 70,000…

Apr 26,2001
IMF Lowers Outlook For Korean Growth

The International Monetary Fund has lowered its 2001 growth projection for the Korean economy from 6.5 percent to 3.5 percent. An official at the Ministry of Finance and Economy said, "We believe the change reflects the IMF's judgment that our economy will be strongly affected by the slowdown in the U.S. economy." (Article, Page 4) The change will be made official early Friday in Washington, when the organization's semi-annual outlook o…

Apr 26,2001
Watchdog Agency Tightens Audit Rules

The Financial Supervisory Commission said Wednesday that it would tighten rules to ensure that corporations make financial statement information available to auditors. Chairman Lee Keun-young of the regulatory agency said that companies that fail to provide sufficient documentation and information to independent auditors, whether intentionally or not, will be considered in violation of the commission's corporate disclosure requirements. …

Apr 26,2001
Assembly's Finance Committee Approves Financial Tax Breaks

The Ministry of Finance and Economy said Tuesday that tax breaks to corporate and individual stock investors will go into effect as early as May. A bill to amend the tax law to exempt corporate capital gains tax for pension and other state funds investing in stocks was approved by the National Assembly's Finance and Economy Committee Tuesday. The amendment, if confirmed by the full Assembly, will also lift the securities transactions ta…

Apr 25,2001
Seoul Issues React To New York Drop

Seoul stocks fell on selling by foreign investors after the U.S. Nasdaq market sank overnight. The Korea Composite Stock Price Index closed Tuesday at 555.64, down 5.3 points, or 0.9 percent. Trade volume was 347 million shares, valued at 1.56 trillion won ($1.19 billion). Foreign investors ended buying for nine consecutive trading sessions and unloaded 52.1 billion won of shares. But institutional and retail investors were net buyers. …

Apr 25,2001
Builder May Get New Foreign Loans

Creditors of Hyundai Engineering and Construction Co. plan to ask foreign financial institutions to make new loans available to Hyundai, a creditor official said Tuesday. The creditors said a total of sixteen foreign institutions already have extended $660 million in loans to Hyundai. "To smoothly carry out debt-equity swaps for Hyundai, parties involved, including foreign creditors and minority shareholders, need to shoulder certain parts of…

Apr 25,2001

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