Kim Byunghwan, 1st Vice Minister of Strategy and Finance, Meets Hani Kablawi, Head of International at BNY Mellon
Kim Byung-hwan, First Vice Minister of the Ministry of Economy and Finance, emphasized on the 3rd, “We will promptly specify tax incentives such as easing the corporate tax burden on a portion of the increased shareholder returns to support the corporate value-up program.”
On the 3rd, Vice Minister Kim met with Hani Kablawi, Head of International at BNY Mellon, at the Government Seoul Office, explaining Korea’s economic policies and the corporate value-up program. BNY Mellon is a global financial institution headquartered in New York, USA, with a history of 240 years. As of the end of last year, it manages $47.8 trillion in custody and asset management, and operates funds totaling $2 trillion.
Vice Minister Kim expressed gratitude to BNY Mellon for proactively participating in foreign exchange transactions, including registering as a Registered Foreign Exchange Institution (RFI), in line with the Korean government’s efforts to improve the foreign exchange market structure. He promised to continue efforts to enhance global investors’ accessibility to Korea’s foreign exchange and capital markets in the future.
Vice Minister Kim also emphasized that tax incentives to support the corporate value-up program, such as reducing dividend income tax burdens for shareholders of companies expanding dividends, will be promptly specified. Furthermore, ahead of the official implementation of the ‘Foreign Exchange Market Structural Improvement’ in July, he plans to steadily carry out pilot operations and continue follow-up measures to advance Korea’s foreign exchange and capital markets.
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