Angry Ants Protest 'Abolition of Financial Investment Tax' in Front of Democratic Party Headquarters

Assembly in front of the Yeouido Democratic Party headquarters on the 30th

Jeong Eui-jeong, the representative of the Korea Stock Investors Association (Hantuyon), is holding a candlelight rally on the 30th at 5 p.m. in front of the Democratic Party headquarters in Yeouido, Seoul, urging the abolition of the financial investment income tax (Geumtuse). Photo by Cha Min-young

The Korea Stock Investors Association (HanTuYeon), a group of individual stock investors, held a candlelight rally at 5 p.m. on the 30th, the opening day of the 22nd National Assembly, in front of the Democratic Party headquarters in Yeouido, Seoul, urging the abolition of the Financial Investment Income Tax (Geumtu Tax) as initially announced.

HanTuYeon has consistently opposed the tax, arguing that if the opposition party implements the Geumtu Tax as scheduled next year, it could act as a negative factor causing capital outflow from the stock market.

When Jung Eui-jung, the representative of HanTuYeon, shouted, "Lee Jae-myung, the party leader, should soon announce to the media that he will proactively consider abolishing the Geumtu Tax," the protesters responded in unison, "Announce it, announce it."

Participants in the rally held placards with slogans such as "If you enforce the Geumtu Tax, disband the Democratic Party," "The day of the Democratic Party's downfall, the day of enforcing the Geumtu Tax," and "Undemocratic Geumtu Tax, give up, Democratic Party."

The Geumtu Tax is a system that imposes a capital gains tax of 20-25% on gains exceeding 50 million KRW annually for investors in financial investment products such as stocks, bonds, funds, and derivatives. For other financial products, it applies if gains exceed 2.5 million KRW.

The opposition party plans to push forward with the introduction of the Geumtu Tax, as it was originally agreed upon by both ruling and opposition parties. However, since the ruling party and President Yoon Seok-yeol maintain opposition to its implementation, a clash is inevitable. President Yoon said at the "Yoon Seok-yeol Government 2-Year National Report and Press Conference" on the 9th, regarding the abolition of the Geumtu Tax, "We will continue to strongly request cooperation from the National Assembly on this issue, especially seeking cooperation from the opposition party." Lee Bok-hyun, the Financial Supervisory Service chief, also argued for scrapping the tax, stating, "If it is enforced based on past standards, it could increase concerns and confusion among 14 million individual investors."