President Yoon "Pushes to Abolish Financial Investment Income Tax"

President Yoon Seok-yeol on Feb. 2 became the first sitting president to attend a stock market opening ceremony and said he would "push for the abolition of the financial investment income tax," according to Financial News. President Yoon attended the '2024 Securities and Derivatives Market Opening Ceremony' at the Seoul headquarters of the Korea Exchange in Yeouido, Seoul, and said in his congratulatory remarks, "I will eliminate the 'Korea Discount' by revolutionizing capital market regulations during my term." 

Regarding financial investments such as stocks, bonds, funds, and derivatives, the gold investment tax, which is taxed at a rate of 20 to 25 percent of profits for domestic stocks over 50 million won per year and overseas stocks, bonds, and ELSs over 2.5 million won per year, was initially implemented in 2023 and postponed to 2025 after the Yoon administration took office. Anyone who earned more than 50 million won a year from stock trading under the tax, even if they were not a major shareholder, would have had to pay the tax. The ruling and opposition parties agreed in 2022 to postpone the implementation of the gold investment tax on the condition that the threshold for "major shareholders" subject to the stock capital gains tax remains at 1 billion won. 

However, as the government revised the enforcement decree to lower the threshold from 1 billion won to 5 billion won at the end of last year, President Yoon plans to use the abolition of the gold investment tax as a trump card to push for a full-scale abolition of the stock transfer tax. "We will prepare short-selling reform measures in a timely manner," Yoon said, adding, "We will positively consider revising the Commercial Code to enhance the interests of minority shareholders and significantly expand programs to support people's wealth formation, such as individual comprehensive asset management accounts (ISAs)."

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