Democrats Propose Tax Relief for Financial Investments

IconCryptoNewsTerminal Staff29 Jul, 2024

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Democrats Propose Tax Relief for Financial Investments

Democrats Push for Increased Basic Deduction in Financial Investment Income Tax The Democratic Party is advocating for a "Financial and Investment Income Tax Relief Package Bill" that would double the basic deduction for financial investment income tax (FIT) from 50 million won to 100 million won. This proposal, effective 2025, aims to reduce the tax burden on financial investments and stimulate economic growth. The amendment seeks to raise the FIT exemption from 50 million won to 100 million won. Additionally, the bill includes provisions to reduce the tax rate for high-income earners and provide tax breaks for long-term investments. This move follows the government's announcement to scrap plans for a FIT on stock investment income exceeding 50 million won. The Democratic Party's proposal aligns with the government's efforts to promote investment and create a more favorable environment for economic recovery.

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