In a recent event, the leader of the main opposition People Power Party, Han Dong-hoon, emphasized the need to abolish the financial investment income tax, calling it a “self-destructive act” to introduce and then postpone the tax in the current situation.
Han Dong-hoon, along with stock investors, stressed the importance of abolishing the financial investment income tax to foster growth in the Korean stock market. This tax is set to be implemented on January 1, 2023, and would levy a 20% tax on profits exceeding 50 million won per year from domestic stock investments.
The People Power Party is advocating for the abolition of this tax, while the ruling Democratic Party is leaning towards a postponement. Han Dong-hoon criticized the Democratic Party for attempting to manipulate the situation by proposing a three-year postponement, suggesting that they lack confidence leading up to the 2027 presidential election.
This debate over the financial investment income tax reflects the differing views of the two major political parties in South Korea. Stay tuned for further updates on this issue.
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