Writers, consultants and public speakers, among others, will have to pay more taxes for their work starting from April, according to revised tax laws.Currently, a 4.4 percent withholding tax is applied to fees for speeches, consulting and contribution articles. The rate will rise to 6.6 percent starting from April 1, and further go up to 8.8 percent in 2019. In addition, only 70 percent of fees derived from paid speeches, books and consulting will be deemed as expenses starting from April. The p

Trade Ministry seeks to augment trade negotiating organization, Finance Ministry remains cautious citing budget

South Korea's central bank is expected to raise its key interest rate in May or July in an effort to cope with rising US rates, analysts said Wednesday.In a widely expected move, the monetary policy board of the Bank of Korea held the base rate steady at 1.5 percent, maintaining its wait-and-see stance. In November last year, the bank jacked up the borrowing cost for the first time in more than six years, citing signs of economic recovery.The decision to freeze the rate had been widely expected

A global automaker’s move that could potentially lead to a withdrawal of business here, key rates pressures, and increasing trade pressure from the United States -- these are the three major US-related hurdles weighing upon South Korea’s economy this year.In the industrial sector, GM Korea’s decision to shut down its Gunsan plant after 22 years of operation is increasingly imposing strain upon the local economy and Seoul’s government. Macroscopically, Asia’s fourth-

South Korea's central bank on Tuesday kept its key rate unchanged for the second month in a row as Asia's fourth-largest economy experiences slow growth momentum.In a widely expected move, the monetary policy board of the Bank of Korea voted to hold the key rate steady at 1.50 percent, maintaining its wait-and-see stance.In November last year, South Korea's central bank adjusted up the key rate for the first time in more than six years, citing signs of economic recovery.The decision to freeze th

Questions are being raised about the relevance of the government’s move to draw up a supplementary budget this year to cope with the country’s deteriorating unemployment problem.Critics note President Moon Jae-in’s administration is looking for an easy way to tap into taxpayers’ money to bolster employment at the risk of neutralizing fiscal disciplines.Finance Minister Kim Dong-yeon, who doubles as deputy prime minister for economic affairs, said last week that the govern

South Korea saw its real household income rise in the fourth quarter last year from a year ago, ending eight consecutive quarters of decline, data by Statistics Korea showed.An average monthly income of a household reached 4.45 million won ($4,130) in the fourth quarter, up a nominal 3.1 percent from the previous year.The inflation-adjusted real income also surged 1.6 percent on-year. The real income had been on a decline since the last quarter of 2015.Households’ income through wages rose

South Korea's economy needs critical growth momentum to mount a sustainable expansion going forward, the country's chief economic policymaker said Wednesday, stressing that innovative growth is crucial in that context.In a speech to businessmen, Finance Minister Kim Dong-yeon said Asia's fourth-largest economy is at a crossroads. "Last year, our economy achieved 3 percent economic growth, and what should be done at the moment is to create critical momentum (for our economy)," Kim said.

Korea Inc. is being squeezed between growing risks from its two largest trading partners and a raft of anti-business policies pushed by President Moon Jae-in’s administration.The country’s manufacturing exporters have faced mounting protectionism in the US and intensifying competition with their Chinese rivals both in traditional and high-tech sectors.Under recommendations made last week by the US Department of Commerce to President Donald Trump, steelmakers from Korea and 11 other c

South Korea's commerce minister on Wednesday called on General Motors Co. to submit a feasible long-term investment plan and improve its opaque management style to restructure its operations here following its decision to shutter one of its car production plants.The Detroit-based automaker said last week that its Gunsan factory in the southwest will be closed by May, citing its low output. The decision unnerved policymakers because such a step could lead to massive layoffs that would not be in t

South Korea and five Central American nations signed a trade deal to lower tariffs and other barriers on a wide range of areas to expand business ties, Seoul's trade ministry said Wednesday. South Korea inked the free trade agreement with Costa Rica, El Salvador, Honduras, Nicaragua and Panama to ease duties on over 95 percent of goods and open up the service and investment market. Talks on the pact started in June 2015 and covered 24 chapters addressing goods, service and investment, non-tariff

The government will soon designate the southeastern city of Gunsan, which has been affected by GM Korea's recent decision to shut down a production facility, as a special employment crisis area, an official from the presidential office Cheong Wa Dae said Tuesday."The labor ministry decided today to take emergency steps to designate the Gunsan region as an employment crisis area," Cheong Wa Dae spokesman Kim Eui-kyeom told a press briefing. The designation enables emergency government s

Members of the ruling Democratic Party reacted strongly to a US proposal to impose a massive tariff on South Korean steel imports, saying the country should consider retaliatory measures, such as restrictions on American agricultural imports.The US Commerce Department suggested last Friday slapping a 53 percent tariff on steel imports from a dozen countries, including South Korea, as part of measures to protect the local industry. The proposal came after the US imposed steep tariffs on imports o

SEJONG -- South Korea should change its export strategy to expand its foothold in emerging markets and develop new growth drivers against a series of import restrictions by the United States, Seoul's commerce minister said Tuesday.Paik Un-gyu, Minister of Trade, Industry and Energy, said South Korea should be strategic and nimble to manage potential risks from the rising protectionist trade policies under US President Donald Trump, including safeguard measures on washers and solar panels and pro

Prime Minister Lee Nak-yon said Tuesday Korea is being "driven into a difficult situation," citing General Motors' decision to shut down one of its assembly plants in the country and the possibility of a hefty tariff on Korean steel exports to the US."GM Korea decided to shut down its Gunsan plant and the US Trump administration is putting together measures restricting steel imports," Lee said at the start of a Cabinet meeting. "It appears Korea is being driven into a di