KOFIA "Actively Welcomes Financial Tax System Reform Plan"

[Asia Economy Reporter Oh Ju-yeon] The Korea Financial Investment Association (KOFIA) expressed strong support for the 'Financial Tax System Reform Plan' included in the '2020 Tax Law Amendment' announced by the Ministry of Economy and Finance on the 22nd.

According to the reform plan, the tax exemption threshold for public stock-type funds combined with listed stocks has been raised to 50 million KRW per individual. Additionally, the reduction of securities transaction tax has been advanced by one year from the initial plan, and the loss carryforward deduction period has been extended from 3 years to 5 years.

Regarding this direction, KOFIA stated that the tax burden on the capital market has been alleviated, and it evaluated that investors' acceptance of the government's tax reform will also be enhanced.

Furthermore, through institutional improvements such as including listed stocks as investment targets in the ISA, it is expected to contribute to revitalizing the capital market and establishing a long-term investment culture.

KOFIA said, "We hope that the Ministry of Economy and Finance's announced contents will be carefully legislated through discussions in the National Assembly in the future."