South Korean Companies Repatriate Record $33B in Earnings This Year, Boosted by New Tax Breaks
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South Korean companies repatriated a record $33B in overseas earnings in Jan-July 2022, up 6x from a year earlier.
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The flows are from major exporters like Samsung, Hyundai, and Kia enjoying new tax breaks on repatriated earnings.
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The repatriated earnings have supported the weakening South Korean won currency.
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The $33B repatriated so far is nearly 3x the $12B companies brought back in all of 2021.
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President Yoon introduced tax breaks this year, allowing up to 95% of overseas corporate income to be repatriated tax-free.