◆아주경제 주요뉴스

▷모두가 불만인 '주가누르기' 세제개편안 외

The government’s proposed tax reforms aimed at preventing stock price manipulation are facing increasing criticism. Members of the ruling party argue that the scope of the proposal has been significantly narrowed compared to the original draft, rendering it ineffective. Listed companies have expressed concerns that the regulations do not take into account industry characteristics and individual company circumstances.

The ruling party's proposal, introduced by Democratic Party lawmaker Lee So-young, was a revision of the inheritance and gift tax laws discussed last May. The key point of this proposal is that if the market value of a major shareholder's listed stocks falls below 80% of the net asset value as defined by tax law (PBR 0.8), the valuation method for unlisted stocks would apply.

In contrast, the government’s plan targets companies that fall into two categories: those in the bottom 25% of industry PBRs on the KOSPI or the bottom 10% on the KOSDAQ over the past 13 quarters, and those whose stock prices have dropped by more than 30% compared to the average over the past three years due to actions that undermine corporate value, such as dual listings or issuing convertible bonds.

Lawmakers have pointed out that the government’s proposal significantly reduces the number of companies subject to regulation compared to Lee's original plan. While Lee's proposal would have affected approximately 1,200 to 1,300 listed companies, the government’s plan only targets about 130 companies.

◆주요 리포트

▷의사록과 7월 물가로 본 금통위 : 선제적 8월 백투백 인상보다는 10월 인상 전망 [삼성증권]

In the July meeting minutes, only one committee member advocated for preemptive action. The context has changed significantly with declines in consumer prices, living costs, and adjustments in the stock market.

As concerns over back-to-back rate hikes diminish, there is potential for interest rates to continue to decline in the medium term. However, the extent of this decline is expected to be limited due to the need for further confirmation of economic indicators.

Notably, no committee members appeared to consider consecutive rate hikes, and the conditions that previously warranted hawkish comments, such as high exchange rates and asset market overheating, have eased. The next rate hike is anticipated in October.