Choi Sang-mok: "Abolishing the Financial Investment Tax is a Tax Cut for Investors, Not the Wealthy"

Attendance at the National Assembly Budget and Accounts Committee

Choi Sang-mok, Deputy Prime Minister for Economy and Minister of Strategy and Finance, responded to the opposition party's criticism that the abolition of the Financial Investment Income Tax (Fin-Invest Tax) is a tax cut for the wealthy by saying, "It is not a tax cut for the wealthy, but a tax cut for investors."

On the morning of the 8th, Deputy Prime Minister Choi attended the National Assembly's Planning and Finance Committee and answered a question from Jin Sun-mi, a member of the Democratic Party of Korea, stating, "Regarding the Fin-Invest Tax, I believe it is not a tax cut for the wealthy but a tax cut for 14 million investors."

[Image source=Yonhap News]

During her questioning, Representative Jin criticized, "There is still a year left before the Fin-Invest Tax is implemented, but suddenly they are throwing out tasks and saying they will proceed. It is an inconsistent and impulsive policy. The only consistent thing is that it reduces taxes for high-income earners." Kim Tae-nyeon, also from the same party, said, "Is the Fin-Invest Tax a factor in Korea discount? The core reason for Korea discount is the uncertainty of government policies that have lost trust."

In response, Deputy Prime Minister Choi said, "We experienced difficulties due to tax revenue shortages last year, so we are making every effort to prevent such occurrences," and added, "We will closely manage the tax revenue concerns that the members are worried about."

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