The ruling and opposition parties announced after their party leaders’ meeting on the 1st that they “agreed to comprehensively review and discuss the financial investment income tax (financial investment tax) along with measures to revitalize the stock market, including structural problems.” They were unable to reach a conclusion on whether to postpone or abolish the financial investment tax, which is scheduled to be implemented in January next year. The financial investment tax is a tax that imposes 20-25% of profits on investors who have earned income exceeding a certain amount (KRW 50 million for stocks, KRW 2.5 million for others) from stocks, bonds, funds, and derivatives. While Han Dong-hoon, the leader of the People Power Party, demanded “abolition of the financial investment tax, postponed until at least January 1 next year,” Lee Jae-myung, the leader of the Democratic Party of Korea, argued for a package policy, saying, “It must be accompanied by structural reform of the entire capital market,” and it was reported that they were unable to narrow their differences in opinion.
In their opening remarks made public before the meeting, the two representatives mentioned the need to improve the gold investment tax, leaving open the possibility of negotiation. Representative Han said, “We need to make the ladder of asset formation more and easier. That’s why the public is focusing on abolishing the gold investment tax,” and Representative Lee said, “Since the South Korean stock market is abnormal, if we apply the gold investment tax that most countries in the world have now, the already abnormal South Korean stock market could have problems, so we are trying to correct and improve this.”
Representative Han reportedly proposed the abolition of the gold investment tax as the first agenda item immediately after the meeting was closed, saying, “Let’s postpone the implementation until at least January of next year and continue the discussion.” In response, Representative Lee proposed a plan to implement the gold investment tax itself by significantly relaxing the taxation standards, but implementing it as a “package” including a revision of the Commercial Act to protect shareholder interests and a significant expansion of Individual Savings Accounts (ISAs). In a message sent to party members that evening, Representative Han said, “Since we have agreed to comprehensively review the gold investment tax, we will take care of it with a limitless sense of responsibility going forward.”
The leaders of the two parties agreed to operate a consultative body to promote the common livelihood pledges of both parties. In particular, they agreed to quickly promote institutional supplementary measures to punish, sanction, and prevent deepfake sex crimes, which have recently emerged as a social issue. As part of the low birth rate countermeasures, they also agreed to speed up the expansion of parental leave for dual-income couples, while actively discussing ways to foster future growth engines such as the semiconductor and artificial intelligence (AI) industries and the expansion of the national power grid. However, it is pointed out that it is a limitation in that it is only an agreement on direction and has not reached specific results.
Reporter Lee Ji-woon [email protected]
Reporter Sohseolhee [email protected]
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2024-09-02 05:21:35