Korea offshore equity tax shelter remains

The Bank of Korea has given up its push for an early end to a tax shelter on locally domiciled mutual funds investing in overseas equities. This should allow fund officials, both Korean and foreign, to breathe easily.Officials at the Asset Management Association of Korea (Amak), which represents the funds industry, had voiced alarm at the prospect of the tax being removed early. Many investors had bought offshore funds with the explicit understanding that the tax shelter would be in p…