Yeo Shindong-geun of the opposition: "Opposed to deferring the financial investment tax... No reversal until it becomes party policy"

"Too Common Sense but Neglected So Far"
Corporate Tax and Financial Investment Tax Must Not Differ
Finance and Economy Committee Holds Plenary Meeting to Present Tax Law Amendments Including Financial Investment Tax

[Asia Economy Reporter Hyunju Lee] A fierce debate is underway within the opposition party over the introduction of the financial investment income tax (hereafter referred to as the FII tax). Although Lee Jae-myung, leader of the Democratic Party of Korea, has shown a stance of turning away from introducing the FII tax, some still argue that the introduction of the FII tax is necessary.

Shin Dong-geun, the opposition party whip of the Planning and Finance Committee, the standing committee responsible for the FII tax discussion, stated in a phone interview on the 18th, "There is currently no change in the position opposing the postponement of the FII tax, and unless something is decided as a party consensus, we will maintain the same opinion."

Shin is leading the opposition within the party against the postponement of the FII tax. Recently, on his Facebook, under the title "The Politics of Taxation," he pointed out, "'Where there is income, there is taxation' is simply common sense," adding, "It is such common sense, yet it has been neglected until now." Shin argued, "The purpose of introducing the FII tax is to lower the securities transaction tax and newly establish an income tax," and "The FII tax strongly reflects the nature of tax justice and tax equity." In particular, he added, "If the highest corporate tax rate is to be lowered, then the introduction of the FII tax should be supported as part of that extension," emphasizing, "Corporate tax and FII tax should not be treated differently."

On the same day, the Planning and Finance Committee held a plenary meeting and began discussions on the government's tax law amendment proposal, which includes a two-year postponement of the FII tax until 2025. Given the strong opposition from the opposition party, it is uncertain whether the proposal will pass as the government intends.

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