The Democratic Party of Korea decided to process bills accompanying the budget bill, including a revision to the Income Tax Act that includes the abolition of the financial investment income tax (gold investment tax), at the plenary session of the National Assembly on the 2nd.the Restriction of Special Taxation Act (Special Taxation Act) and the Value-Added Tax Act plan to be passed by revising the content related to the separate taxation of dividend income advocated by the government and the ruling party. The Democratic Party decided to reject the Inheritance Tax and Gift Tax Act (Inheritance and Gift Tax Act) among the tax law amendments submitted by the government on the grounds that it was a ‘tax cut for the rich’.
Park Chan-dae, floor leader of the Democratic Party, held a press conference at the National Assembly on the 1st and said, “among the 13 bills designated by the government as budget-related bills, 8 bills without contentious issues will be passed by agreement, and the 5 bills with contentious issues will be passed based on political judgment.” “We decided to revise the parts that needed to be revised and reject the parts that needed to be rejected,” he said. An official from the Democratic Party gave the reason for the rejection, saying, “The Inheritance and Gift Tax Act has strong characteristics of a ‘tax cut for the ultra-rich,’ such as expanding the application of corporate inheritance deductions and lowering the tax rate for the inheritance tax and gift tax for tax bases exceeding 1 billion won from 50% to 40%.” explained.
A Democratic Party official said,“The Special Tax Act and the Value-Added Tax Act also include tax cuts for the rich,such as separate taxation of dividend income,so we will process them after revising them.” After Representative Lee Jae-myung expressed his positive stance on separate taxation of dividend income at a recent meeting with the business community, conflicting opinions emerged within the party, sparking controversy.
An official from the Ministry of Strategy and Finance said, “as the differences between the ruling and opposition parties have not been resolved on major budget-related bills such as inheritance tax relief, a government bill will be presented at the plenary session.” “If it is indeed passed,there will inevitably be inconsistencies in the government’s household account book,” he explained.
However, it is expected that the likelihood of the budget ancillary bill being passed as planned by the government is low.An official from the Ministry of Strategy and Finance said, “Even if a budget ancillary bill is submitted to the plenary session as per the government’s plan, the ruling party is expected to submit an amendment bill as per the ruling party and the opposition party is expected to submit an amendment as per the opposition party.” “
A Democratic Party leadership official said, “Depending on the attitude of the government and ruling party, there is ample room for additional negotiations, excluding tax cuts for the wealthy.”
Reporter Seungwoo lee [email protected]
Sejong = Reporter Soon-gu Jeong [email protected]
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