<기사>Tax Subcommittee of the Planning and Finance Committee Delays Conclusion on Financial Investment Tax... Begins Discussion on Corporate Tax

Photo by Dongju Yoon doso7@

[Asia Economy Reporter Moon Hyewon] The Tax Subcommittee of the National Assembly's Planning and Finance Committee discussed the issue of postponing the introduction of the Financial Investment Income Tax (Geumtu Tax), which has become a contentious topic in the political arena, on the 22nd, but after disputes between the ruling and opposition parties, no conclusion was reached and the matter was deferred.

The Tax Subcommittee began deliberations on the Geumtu Tax around 2:30 PM that day, but it is reported that the discussion did not progress beyond the ruling and opposition parties and the government reiterating their existing positions.

The Democratic Party proposed accepting the government's plan to postpone the Geumtu Tax for two years on the condition of additional reductions in securities transaction tax and the withdrawal of the increase in the major shareholder threshold for capital gains tax on stocks.

Bang Gi-seon, First Vice Minister of the Ministry of Strategy and Finance, who attended as the government representative that day, maintained the existing position that it could not accept these conditions, and with the Democratic Party's opposition, the discussion failed to reach a conclusion.

Ryu Seong-geol, Chair of the Tax Subcommittee from the People Power Party, declared the suspension of the review around 4 PM.

Afterwards, during the recess, Chair Ryu told reporters, "We also requested the government to 'examine very carefully' the matters proposed by the Democratic Party," and added, "The government will prepare additional related materials and continue the discussion."

Meanwhile, after deferring the Geumtu Tax discussion, the Tax Subcommittee began deliberations on the corporate tax amendment bill that day.

This too is expected to lead to disputes, as the Democratic Party opposes the government's proposal to lower the top corporate tax rate from the current 25% to 22%, calling it a 'tax cut for large corporations.'

A Tax Subcommittee official forecasted, "Not only the Geumtu Tax but also current issues such as corporate tax being discussed in the Tax Subcommittee are situations where it is practically difficult to reach conclusions at the standing committee level."

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