The director of the Wolgok Jewelry Industry Research Institute, Oh Hyun-seong, has called for an expansion of the value-added tax (VAT) refund for physical gold transactions in South Korea. He argued that the current tax exemption system is inadequate, and the gold resale market is only around 2.8 trillion won as of 2023, despite the private sector holding an estimated 120 trillion won worth of pure gold. Suggestions were also made to reform the tax special exemption system applied to the KRX Gold Market, extend trading hours to 24 hours, and resolve the ‘Kimchi Premium’ issue to improve market credibility.
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Auto-posted at: 2025-03-24 21:06:23