The leader of the ruling People Power Party (PPP) on Thursday urged the main opposition party to agree on postponing the implementation of a new investment tax policy set to take effect next year. "We should at least agree with each other in advance that the financial investment income tax will not be implemented on Jan. 1 next year and announce the decision," PPP leader Han Don-hoon said during a supreme council meeting. "That is the way to address the anxieties of investors and people," he said. The PPP has been urging the Democratic Party to agree on the abolition of the financial investment income tax, which was originally set to be introduced last year but was delayed by two years until the start of 2025. The DP insists the financial investment income tax should go into effect as planned, expressing concerns over a potential decrease in tax revenues. Under the new scheme, capital gains of over 50 million won (US$38,000) from stock investments will be subject to a 20 percent tax, while earnings exce eding 300 million won will be subject to a 25 percent tax. Han said he had prepared to discuss the issue with main opposition leader Lee Jae-myung in their talks Sunday, but the meeting was postponed after Lee tested positive for COVID-19. Source: Yonhap News Agency
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