South Korean President Yoon Suk-yeol vowed Wednesday to implement “bold” reforms in stock market taxes to correct the perceived undervaluation of South Korean shares and improve the financial situation of ordinary people. Yoon asserted that reforming “excessive” tax systems will help fundamentally resolve the “Korea discount,” a term referring to the perceived undervaluation of South Korean stocks.

Further, Yoon outlined plans to empower minority shareholders by advocating for legislative changes to enable virtual general shareholders’ meetings. He also committed to enhancing Individual Savings Accounts and raising the limit on the non-taxable amount. Yoon emphasized the need for reforms in the financial investment sector to ensure that South Korea’s economy and society remain dynamic.