Hong Nam-ki "Comprehensive Financial Tax System Reform Plan Prepared... No Supplementary Budget Plan for 'Wuhan Pneumonia'"

Hong Nam-ki, Deputy Prime Minister and Minister of Economy and Finance, is delivering a congratulatory address at the 'National Tax Office Chiefs Meeting' held on the 29th at the main auditorium of the Government Sejong 2 Complex.

[Asia Economy Reporter Kwangho Lee] Hong Nam-ki, Deputy Prime Minister for Economy and Minister of Strategy and Finance, said on the 29th, "To advance the capital market, we will prepare a comprehensive reform plan for the financial tax system, including adjustments to capital gains tax on stocks and securities transaction tax, and establish a taxation plan for individuals' virtual currency trading income."

Deputy Prime Minister Hong attended the 'National Tax Office Chiefs Meeting' held at the National Tax Service on the same day and stated, "We will modernize the taxation system by reflecting overseas advanced cases and international discussions, and take the lead in protecting taxpayers' rights."

He particularly emphasized, "It is necessary to actively respond to the OECD digital tax discussions to prevent domestic taxing rights from leaking abroad."

Deputy Prime Minister Hong also expressed his intention to strengthen tax support for investment and consumption to boost economic vitality and enhance innovation momentum.

He mentioned, "We plan to expand R&D tax support for core materials, parts, and equipment, reform tax support for small and medium-sized enterprises to be investment- and employment-friendly, and promote tax support for domestic travel accommodation expenses."

Additionally, he explained, "To strengthen the inclusiveness of our economy, we will expand the Earned Income Tax Credit for low-income groups and increase tax support for companies that increase employment of the elderly, thereby expanding tax support for socially vulnerable groups."

Furthermore, he added, "We will also make every effort to improve tax fairness and secure fiscal revenue through performance evaluation and feedback on 52 tax support systems that are set to expire this year."

After his remarks, Deputy Prime Minister Hong responded to reporters' questions about plans for an additional supplementary budget related to the novel coronavirus by saying, "I said that if it is insufficient, we will use the contingency fund. There are no plans for a supplementary budget."