Income taxation on financial investment, which was set to take effect in January, has been abolished.

A bill on revisions to the Income Tax Act passed the National Assembly during Tuesday's plenary session, with support from 204 out of 275 lawmakers in attendance, and opposition from 33, while 38 others abstained.

The bill abolished taxation on income from financial investment, such as stocks, bonds, funds and derivatives, worth at least 50 million won, or around 35-thousand U.S. dollars.

It also deferred taxation on virtual assets by two years effective from January 1, 2025 to January 1, 2027.

Meanwhile, a bill on revisions to the Inheritance Tax and Gift Tax Act, which the rival parties have been at odds over, failed to pass parliament, with 98 out of 281 lawmakers attending voting in favor against 180 in opposition, while three others abstained.

The government-proposed revisions include lowering the maximum inheritance tax rate from 50 to 40 percent and raising the threshold for the lowest ten-percent taxation from 100 million won or under to 200 million won or under.