Choo Kyung-ho: "Financial Investment Income Tax Deferred for 2 Years... Securities Transaction Tax Also Reduced"

Deputy Prime Minister and Minister of Economy and Finance nominee Choo Kyung-ho is attending the confirmation hearing held at the National Assembly on the 2nd, responding to questions from lawmakers. Photo by Yoon Dong-joo doso7@

[Asia Economy Sejong=Reporter Kwon Haeyoung] On the 2nd, Choo Kyung-ho, the nominee for Deputy Prime Minister and Minister of Economy and Finance, stated, "We will consider a plan to postpone the financial investment income tax for two years while simultaneously lowering the securities transaction tax."

At the confirmation hearing held at the National Assembly on the same day, Choo addressed the financial investment income tax set to be implemented from 2023, saying, "We need to take into account the current domestic and international conditions of the stock market, the necessity of productive capital inflow, and investor acceptance."

He added, "We must create conditions that allow good capital to enter the market and enable many investors to invest," emphasizing, "By postponing the financial investment income tax for two years and lowering the securities transaction tax, we should firmly support the stock market."

Furthermore, regarding taxation on virtual assets, Choo stated, "Transparency in virtual asset transactions, investor protection, and legal system improvements are necessary," and expressed the position that "taxation on virtual assets is needed after establishing the system."

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