Choi Sang-mok: "Inheritance Acquisition Tax Reform to Be Finalized by Year-End and Promoted Next Year"

Deputy Prime Minister and Minister of Economy and Finance Choi Sang-mok announced on the 27th that the inheritance acquisition tax reform plan will be finalized by the end of the year and promoted next year.

Choi Sang-mok, Deputy Prime Minister for Economic Affairs and Minister of Economy and Finance, is responding to questions from lawmakers at the plenary meeting of the Planning and Finance Committee held at the National Assembly on the 27th. Photo by Kim Hyun-min kimhyun81@

At the plenary meeting of the National Assembly's Planning and Finance Committee on the same day, Minister Choi said, "There were more legal issues than expected after the inheritance acquisition tax research project ended," and added, "It took a long time to reflect non-English materials."

On the same day, Minister Choi also reiterated the plan to abolish the financial investment income tax (Geumtu Tax). He stated, "While the Geumtu Tax was a reasonable decision when it was designed in 2020, I now believe that abolishing it is reasonable in the current situation."

He added, "Although some say that abolishing the Geumtu Tax is a tax cut for the wealthy, I consider it a tax cut for investors," and emphasized, "If implementing the Geumtu Tax in 2020 was a reasonable decision, then abolishing it now is reasonable."

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