Repeal of Financial Investment Income Tax aims to stabilize markets but raises questions about fiscal sustainability
Main opposition Democratic Party (DP) leader Lee Jae-myung announced his support for the repeal of South Korea’s Financial Investment Income Tax (FIIT) on Monday, aligning with the government’s push to shelve the tax just two months before it was set to take effect.
Initially designed to tax gains from investments across a range of financial assets, the FIIT faced opposition amid concerns it would weaken domestic capital markets and strain economic growth.
Main opposition Democratic Party (DP) leader Lee Jae-myung announced his support for the repeal of South Korea’s Financial Investment Income Tax (FIIT) on Monday, aligning with the government’s push to shelve the tax just two months before it was set to take effect.
Initially designed to tax gains from investments across a range of financial assets, the FIIT faced opposition amid concerns it would weaken domestic capital markets and strain economic growth.
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