Deputy Prime Minister and Minister of Economy and Finance Koo Yun-cheol announced on the 15th that the current major shareholder standard for imposing capital gains tax on stocks will remain at 5 billion KRW. He made this statement during the “Chuseok Economic Relief Measures Consultation” held at the National Assembly.
Koo stated, “We took into account the public’s desire for capital market revitalization and the Democratic Party of Korea’s stance that the major shareholder standard should be maintained.”
He further explained, “Since the tax reform proposal was announced in July, there has been much deliberation between the need to normalize taxation and the necessity of capital market activation. The government will make every effort to support the growth of businesses and the national economy through the revitalization of capital markets and productive finance.”
Previously, in July, the Ministry of Economy and Finance had proposed a tax reform plan aiming to tighten the standards for major shareholders by lowering the stockholding requirement from 5 billion KRW to 1 billion KRW per stock.