South Korea’s Moon Rejects Finance Minister’s Offer to Quit

South Korea’s President Moon Jae-in rejected an offer by the finance minister to step down in the wake of public backlash over plans to tighten tax rules for large shareholders.

Finance Minister Hong Nam-ki said in a parliament hearing Tuesday that the government is withdrawing the revision and that he had offered to resign to take responsibility for the months of chaos over the planned change. Moon rejected the offer and reaffirmed Hong in his job, according to a later text message from the presidential office.

Hong Nam-ki

Photographer: Jean Chung/Bloomberg

The government had planned to impose capital gains tax on domestic individual investors ...