Kang Min-soo, candidate for the National Tax Service Commissioner, “14 million individual investors… burden of reporting securities tax is significant”

(Seoul=News1) Reporter Ahn Eun-na = Kang Min-soo, the nominee for the commissioner of the National Tax Service, listens to questions from lawmakers during a personnel confirmation hearing held at the National Assembly’s Planning and Finance Committee in Yeouido, Seoul on the morning of the 16th. 2024.7.16/News1 Copyright (C) News1. All rights reserved. Unauthorized reproduction or redistribution prohibited, AI learning forbidden. /Photo=(Seoul=News1) Reporter Ahn Eun-na, ‘Kang Min-soo, the nominee for the commissioner of the National Tax Service, expressed concerns regarding changing the financial investment income tax currently collected at source to a final declaration method, stating, “There are about 14 million individual stock investors and if you include funds and derivative products, it exceeds 20 million. If all of them were to make final declarations at once, it would be really difficult to handle.”‘,

‘In the personnel confirmation hearing for the commissioner of the National Tax Service held at the National Assembly in Yeouido, Seoul on the 16th, Kang, in response to a question from lawmaker Cha Gyu-geun of the National Innovation Party, said, “There is a lot of controversy over the implementation of the financial investment tax, and one of the concerns among investors is that if the financial investment tax is collected at source, the compounding effect would be reduced. I would like to hear opinions on whether it is possible to change the system to a final declaration method from the perspective of tax administration.”‘,

‘Kang stated, “If taxpayers were to make final declarations at once, the cooperation costs would be enormous not only for the taxpayers but also for us (National Tax Service), making it really difficult for us to handle.”‘,

‘However, when lawmaker Cha inquired further on this issue, Kang responded, “Technically, it seems possible.”‘, ‘article_split’,
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