Kim Byung-hwan: “Estate tax should be eased… introducing a inheritance tax goes against market principles.”

Expand the fiduciary duty of directors in the Commercial Act to shareholders…”Negative impact on smooth discussion of personal opinions”
Reform of inheritance tax “to adapt to changed tax environment and outdated tax system”,
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, ‘(Seoul=Yonhap News) Reporter Lee Yul = Kim Byunghwan, the candidate for the chairmanship of the Financial Services Commission, criticized the introduction of excess profit tax on the 21st, saying that it does not conform to market principles.’,
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, ‘ Kim, who served as the economic and financial secretary to the president and vice minister of the Ministry of Planning and Finance since the start of the Yoon Suk-yeol administration, said in the document submitted to the National Assembly’s Legislation and Judiciary Committee by the Financial Services Commission this day, “Taxing excess profits on the grounds that the profits of certain companies increased compared to the previous year is not in line with market principles.”.’,
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, ‘ However, he noted that he agrees with the idea of expanding support for vulnerable groups from the perspective of meeting the social responsibility of financial companies.’,
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, ‘ Regarding comprehensive real estate tax, Kim pointed out that in the past few years, there are aspects where comprehensive real estate tax revenue has increased sharply due to the overheating of the real estate market, saying, “I think it is necessary to ease the burden of comprehensive real estate tax on the public to alleviate the burden of property tax on the public.’,
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, ‘ In relation to financial investment income tax, he emphasized his position on abolition repeatedly, saying, “Implementing the financial investment income tax that increases the tax burden on investors in an environment where international capital mobility is free can lead to capital outflows in Korea’s capital market.”‘,
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, ‘ Kim said that while he assumes the need for improvement in the governance structure of the capital market from the perspective of advancing capital market sophistication, he hesitated to express his personal opinion, saying, “As a candidate, expressing personal opinions may have a negative impact on smooth discussion.”‘,
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, ‘ He said, “I understand that the reform of inheritance tax is to adapt the outdated tax system to the changed environment compared to countries with high inheritance tax rates such as the OECD.”‘,
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, ‘ Regarding establishing a relationship with the Minister of Finance and the Financial Supervisory Service, he said, “The Financial Services Commission oversees financial policies and financial supervisory policies as a central administrative agency and supervises and supervises the Financial Supervisory Service, which carries out inspection and oversight duties on financial institutions.”‘,
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, ‘ He continued, “I will coordinate the work between the two institutions in line with the institutional purpose and communicate with the Chairman of the Financial Supervisory Service on current issues regularly for cooperation.”‘,
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, ‘ Kim expressed his views on the opposition’s proposal to provide a livelihood support fund of 250,000 won, saying, “Considering the current economic and financial situation, it may have a significant impact on prices and interest rates, so it should be approached carefully.” He explained, “It is necessary to expand tailored support focusing on vulnerable groups.”‘,
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, ‘ To this end, he drew a line, saying, “The inclusion of polarization and livelihood stability in the supplementary budget criteria may blur the original intention of the establishment of the National Finance Act.”‘,
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, ‘ Regarding the introduction of basic income, he said, “Considering the side effects such as a decrease in work motivation, large-scale financial burden, and the absence of overseas precedents, there is a need to be careful.” He pointed out, “Without revising existing social welfare systems, additional substantial funding will be required every year, and there is a concern that the burden on the public will increase in the process of securing funding.”‘,
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, ‘ Regarding the outlook for the Korean economy, he said, “This year, our economy is expected to achieve growth in the mid-2% range, and from the second half of this year, conditions that have constrained domestic recovery such as high commodity prices and high interest rates will ease, and domestic demand will also show signs of recovery.” He predicted, “Next year, exports will be adjusted somewhat, but moderate growth will continue as private consumption and investment in facilities expand.”‘,
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, ‘ Regarding the inversion of the Korean-U.S. interest rate, he said, “It has been continuing for 24 months, but there are no clear side effects such as foreign investor outflows.” He stated, “I think Korea’s foreign exchange reserves are at a sufficient level, ranking 9th in the world, to respond to external shocks.”‘,
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, ‘ Kim pointed out, “Since the potential growth rate of the Korean economy has been declining since 2019, closing the gap with advanced countries such as the United States is essential for the renaissance of the Korean economy through structural reforms to increase the potential growth rate.”‘,
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, ‘ He added, “We need to strengthen support for advanced industries such as semiconductors and actively supply tailor-made funds needed for growth stages, while promoting corporate value-up and advanced capital market development to allow companies to securely raise venture capital needed for growth.”‘, He expressed his discontent with the gradual decline in tax revenue since 2019 and related to the current situation, saying, “Due to the downturn in corporate business performance after the fourth quarter of 2022 due to worsening external conditions, corporate tax revenue has been sluggish this year as well.” He expressed concerns about the risk of loss of tax revenue by May being weaker than originally expected.”‘,
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, ‘ Despite experiencing an unprecedented situation of high prices, he diagnosed the current economic trend of recent stabilization of prices and rising economic growth, saying, “Considering the recent economic trends where economic growth is increasing and prices are stabilizing, it is difficult to view the current economic situation as stagnation with a stubborn stance of stagflation.”‘,
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, ‘ He pledged, “The Yoon Suk-yeol administration has normalized real estate-related taxes and loan regulations to stabilize housing for adequate supply to demand and will actively supply necessary finance for stable real estate supply.”‘,
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, ‘ Kim, as he prepares for the Personnel Hearing of the Legislation and Judiciary Committee on the 22nd, related his military exemption, saying, “I received a diagnosis of skull bone loss due to a strong impact on my head by accident when I hit a rock hard when I was young and received two surgeries at Busan National University Hospital for congenital stomach malformation, causing sequelae for a considerable period after that.”‘,
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, ‘ He said that in the early days of his public service, he worked with the motto of “overcoming oneself and always moving forward” and currently often refers to “Jungyong (中庸),” one of the Confucian classics, in his daily life.’,
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, ‘ Representative Kang Min-guk of the People Power Party stated, “The United States only charges capital gains tax, while Singapore only charges securities transaction tax, but in Korea, taxes are levied on securities trading, dividend, income, and even stock investment tax. Under these circumstances, if the Financial Services Commission Chairman-nominee’s stance on abolishing the stock investment tax is very desirable.”‘,
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