Securities Transaction Tax Rate Reduced by 0.02%P and ISA Accounts Allowed for Stock Investment

Mandatory Issuance of Cash Receipts Expanded to Include 'Dormitories, Study Rooms, Beauty Services, Online Shopping Malls,' and More

[Image source=Yonhap News]

[Asia Economy Reporter Jang Sehee] From this year, the transaction tax rate applied when buying and selling stocks will be reduced by 0.02 percentage points.

According to the Ministry of Economy and Finance on the 2nd, the rate for KOSPI will be lowered from 0.1% to 0.08%, and for KOSDAQ from 0.25% to 0.23%. The Individual Savings Account (ISA) will be available to anyone aged 19 or older, and stock investment through ISA will also be possible.

To prevent the recurrence of major financial accidents such as the suspension of redemption of Lime and Optimus Asset Management funds and to protect financial consumers, the Financial Consumer Protection Act, which includes rights such as withdrawal of subscription and cancellation of illegal contracts, will be enforced in March next year. Six major sales principles, including the obligation to explain and prohibition of unfair solicitation, will apply to all financial products.

If the sales principles such as the obligation to explain financial products and prohibition of unfair solicitation are violated, consumers can cancel contracts, and financial companies may be fined up to 50% of the related revenue.

In addition, the mandatory issuance of cash receipts will be expanded to dormitories, study rooms, beauty businesses, and online shopping malls. These industries must issue cash receipts for cash transactions of 100,000 KRW or more even if the consumer does not request them.

This content was produced with the assistance of AI translation services.