President Yoon Suk-yeol, at a press conference marking his 2nd anniversary in office on the 9th in the presidential office in Yongsan, Seoul, stated, “If we do not abolish the financial investment income tax (capital gains tax), a tremendous amount of funds will flee from our stock market.” He also expressed his intention to seek cooperation from opposition parties including the Democratic Party.
President Yoon mentioned during the ‘Yoon Suk-yeol government 2-year report to the nation and press conference,’ “South Korea already has very high dividend income tax and estate tax compared to advanced countries. If we add the capital gains tax on top of that, there will be nothing left.”
He also stated his willingness to seek cooperation from opposition parties who oppose the abolition of the capital gains tax, emphasizing the potential impact on the real economy if the capital market collapses. President Yoon said, “I will strongly request cooperation from the parliament on this issue, especially seeking cooperation from the opposition.”
Regarding controlling inflation, President Yoon mentioned, “All economic ministries are closely managing the consumer price index in the basket of goods. We are effectively utilizing the tariff quota system to lower prices, diversifying import sources to secure cheaper food ingredients, and conducting market research on a global scale to find more affordable food.”