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Another G20 country starts Robinhood tax


10:00 am - August 10th 2012

by Owen Tudor    


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Hard on the heels of the rather limited French extension to taxes on financial transactions, the South Korean government has announced plans to start taxing index options and futures.

Set low (0.01% on options and 0.001% on futures – because margins are so low), the new taxes complement Stamp Duty on share sales of 5%, ten times the level of the UK version.

Extending existing Stamp Duty to derivatives is exavtly what the Robin Hood Tax campaign has been urging on UK politicians and now on the French Government, and although South Korea has a smaller financial market than Europe, it is a significant move because the Asian economic powerhouse is a G20 member state.

Another one bites the dust, and the Robin Hood Tax moves a step closer. When will UK and US politicians feel comfortable with making a move themselves?

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About the author
Owen Tudor is an occasional contributor to LC. He is head of the TUC’s European Union and International Relations Department and blogs more regularly at the Touchstone blog.
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Reader comments


1. Mr Eugenides

… deferred three years to avoid impacting on the economy at such a fragile time, and to start in 2016. You forgot to mention that.

“When will UK and US politicians feel comfortable with making a move themselves?”

Quite possibly about the time that the RHT supporters address the problem of tax incidence. You know Owen, that thing you promised to go away and find out about what was it, 12 months ago? 18?

Oh, and look what I found:

“The tax on futures will set at 0.001 percent of the transaction value, and the tax on options will be 0.01 percent of the premium for the option.

Read more: http://www.taxationinfonews.com/2012/08/korea-to-tax-derivatives-transactions/#ixzz238kFc8Oi

The tax is on the premium, not the nominal underlying. So it’s not in fact the RHT at all.

And, as you say, it’s index options and futures only.

“According to the revised tax bill from the Ministry of Strategy and Finance, a 0.001% levy will then be placed on Korean Composite Stock Price Index (KOSPI) 200 index futures trades, and a 0.01% levy will be charged on KOSPI200 index options transactions.”

That’s like taxing the FTSE 100 index only. Nothing about currencies, single stock options or futures, commodities, interest rates…..in short, nothing like the RHT at all.

Oh, and I tell you what, I might even sign up to you taxing the FTSE 100 index futures and options as long as we get the other parts of the S Korean system too.

“Within its recently-announced fiscal package, which also looked to increase the minimum corporate tax rate payable by the largest companies from 14% to 15%, and lower the threshold for the taxation of financial income to KRW30m (USD26,500) from KRW40m,”

You game for that?

The dude in the picture representing this story is Japanese, not Korean…


Reactions: Twitter, blogs
  1. Liberal Conspiracy

    Another G20 country starts Robinhood tax http://t.co/2WIngUFD

  2. chris paul

    Another G20 country starts Robinhood tax http://t.co/2WIngUFD

  3. Rory I. Sinclair

    Another G20 country starts Robinhood tax http://t.co/2WIngUFD

  4. Ed Brown

    Interesting. South Korea is the next G20 country to embrace the idea of a Robinhood tax http://t.co/fzlz830h

  5. Jason Brickley

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  6. leftlinks

    Liberal Conspiracy – Another G20 country starts Robinhood tax http://t.co/kWoFQkzM

  7. leftlinks

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  8. Natacha Kennedy

    Another G20 country starts Robinhood tax | Liberal Conspiracy http://t.co/7ALp0l6P via @libcon

  9. R. Ville

    Another G20 country starts Robinhood tax | Liberal Conspiracy http://t.co/7ALp0l6P via @libcon

  10. Morgan Dalton

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  11. Alex Braithwaite

    Another G20 country starts Robinhood tax | Liberal Conspiracy http://t.co/DLZ8A7VJ via @libcon





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