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Yoon Asks Ruling Bloc to Cooperate in Delaying New Stock Tax Plan

Written: 2022-11-28 18:33:14Updated: 2022-11-28 18:35:57

Yoon Asks Ruling Bloc to Cooperate in Delaying New Stock Tax Plan

Photo : YONHAP News

President Yoon Suk Yeol has reportedly asked the government and the ruling party to actively cooperate to delay the introduction of a policy that levies capital gains tax on income from financial investments. 

Presidential spokesperson Lee Jae-myoung said on Monday that Yoon issued the instruction during a meeting with his top aides as they discussed the roll-out of the tax in question. 

The spokesperson said that revitalizing the market is more important than ever for the recovery of the economy, but difficulties continue in the local stock market due to rate hikes across the world and the global economic slowdown.

Lee said that the presidential top aides raised concerns that the tax, if introduced in January as scheduled, may drive away local investors from the stock market and thus further deepen the slump in the local bourse. 

The spokesperson said that the government already submitted to the National Assembly a bill aimed at delaying the introduction of the new tax by two years. President Yoon has called on the government and the ruling party to work on the parliamentary passage of the bill.

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