2024-06-26 22:10:26
“Solely when the inventory market is energetic will minority shareholders profit.”
“Economic system turning round… Tax state of affairs to enhance subsequent yr”
Concerning the monetary funding earnings tax (gold funding tax), which is scheduled to be applied in 2025, Prime Minister Han Deok-soo mentioned, “If the inventory market and the inventory market enter a state of panic as a result of gold funding tax, all 14 million (traders) will undergo,” and “I feel it’s proper to abolish it.” “He mentioned.
Prime Minister Han reaffirmed the federal government’s coverage of abolishing the gold funding tax at a press briefing held on the Seoul Authorities Advanced on the twenty sixth. The gold funding tax is a tax imposed on those that earn greater than 50 million gained in annual earnings by monetary investments similar to shares, bonds, and funds. It will likely be applied on January 1, 2025.
Prime Minister Han mentioned, “If we assume that there are round 14 million individuals taking part within the inventory market or securities market, (the quantity topic to the monetary funding tax) could be round 1%,” estimating the quantity to be round 150,000.
Concerning the criticism that if the gold funding tax is abolished, the advantages will likely be concentrated solely on just a few individuals with excessive incomes, he refuted, “That’s not how the tax system works, and if the affect comes from someplace, it spreads to everybody.”
He continued, “Should you begin taxing 1%, the complete inventory market might go into fairly a panic,” and added, “Solely when the inventory market strikes actively will individuals who personal small shares additionally profit.”
Concerning the view that the federal government’s coverage of lowering the tax burden causes a lower in tax income, Prime Minister Han mentioned, “Some individuals suppose that tax cuts will result in a lower in tax revenues, whereas others say that if financial actions change into extra energetic by tax cuts, tax revenues enhance.” I answered that there are each professionals and cons.
Prime Minister Han mentioned that the 1% level discount in company tax in 2022 had an affect on enhancing financial indicators. He mentioned, “We didn’t reduce taxes sufficient as we thought, but when we hadn’t performed that, our financial system would have been rather more tough.”
He added, “Because of the choice at the moment, international funding in Korea is now at $32.7 billion final yr, the very best in historical past, and international funding is rising considerably within the first quarter of this yr as effectively.”
Prime Minister Han mentioned, “The financial system is lastly beginning to flip round this yr. This yr, due to the affect of final yr, tax revenues will proceed to be dangerous, but when our financial system recovers this yr, the tax income state of affairs will likely be a lot better subsequent yr.” He emphasised.
He mentioned, “There could also be opinions that say, ‘We shouldn’t contact the tax burden in any respect’ after only one yr, however I feel the federal government ought to have a look at every thing from the start to the tip and, if essential, make that call (to scale back the tax burden) if it may be useful in the long term.”
Concerning the ‘financial turning’, Prime Minister Han mentioned, “Exports have been constructive for eight consecutive months, and the commerce steadiness has been in surplus for 12 months. The present account surplus was $25.8 billion in 2022, $35.5 billion final yr, and $50 billion this yr. “It seems like it should enhance additional,” he defined. The employment price for these aged 15 to 64 additionally exceeded 70% for the primary time in historical past.
He continued, “I feel the financial system as an entire is doing effectively,” including, “There may be important enchancment within the worldwide and abroad sectors, however it isn’t sufficiently spreading to home demand, and we can not do something to enhance the areas instantly associated to individuals’s livelihood with out shaking up the final coverage path.” “I’m desirous about what I can do,” he mentioned.
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2024-06-26 22:10:26