Choi Sang-mok: "The Criteria for Easing Major Shareholder Transfer Tax Should Be Decided by Considering Overall Economic Conditions"

Deputy Prime Minister and Minister of Economy and Finance nominee Choi Sang-mok is responding to a data request from Assemblyman Seo Young-kyo at the confirmation hearing held at the National Assembly on the 19th. Photo by Kim Hyun-min kimhyun81@

Choi Sang-mok, the nominee for Deputy Prime Minister for Economy and Minister of Economy and Finance, responded regarding the relaxation of the major shareholder capital gains tax requirements by saying, "It is a matter to be decided comprehensively considering domestic and international economic conditions."

On the 19th, Choi made this remark during the confirmation hearing at the National Assembly's Planning and Finance Committee in response to a question from Yoodongsoo, a member of the Democratic Party of Korea, about the relaxation of the major shareholder capital gains tax requirements.

Choi stated, "While tax fairness is important for general labor taxes, capital gains tax on stocks can affect the mobility of assets and countries."

Regarding concerns about revenue shortfalls due to the relaxation of the capital gains tax, he said, "Rather than calculating revenue shortfalls, issues of raising or lowering tax rates need to be considered together with their overall impact on the economy."

The government is reportedly reviewing measures to relax the current capital gains tax threshold on stocks (currently '1 billion KRW').