South Korea President Calls on National Assembly to Abandon Plan to Implement Financial Investment Income Tax

On 7 August 2024, South Korean President Yoon Suk Yeol's office reportedly called on the National Assembly to abandon the current plan to implement the financial investment income tax on capital gains derived by individuals from listed securities. The tax is levied at progressive rates of 20% for gains between KRW 50 million and 300 million, and 25% for gains exceeding KRW 300 million. It was previously to apply from 1 January 2023 but was deferred to 1 January 2025. The call to abandon the i…