Ruling party welcomes opposition party's plan to abolish financial investment income tax...Legal amendments to be made at National Assembly plenary session = South Korea

South Korea's ruling People Power Party on the 4th welcomed the decision by the main opposition Democratic Party of Korea to abolish financial investment income tax, and stated its intention to complete the legal revision within this month.
Han Dong-hoon, chairman of the Democratic Party of Korea, said at a press conference after the Supreme Committee meeting, "The abolition of financial investment income tax is one of the livelihood policies that the People Power Party has been emphasizing since the summer. The Democratic Party of Korea has also been adamant about the abolition of financial investment income tax.
"I welcome the agreement to completely abolish the profits tax," he said. "In the midst of difficult conditions in domestic and overseas markets, we have implemented a number of measures to improve the value of our capital markets and attract investors to our domestic market.
Han also wrote in a Feisbook article, "The abolition of the financial investment income tax is a victory for the 14 million Korean investors. There is no politics that can control the public's will."
In a separate statement, Choo Kyung-ho, the floor leader of the House of Representatives, said, "With only 58 days left until the financial investment income tax comes into effect, Chairman Lee Jae-myung has finally voted to abolish the financial investment income tax.
"I would like to immediately negotiate with the opposition parties to get the abolition of the financial investment income tax handled at the plenary session in November," he said.
Park Jun-tae, a floor spokesman for the Democratic Party, said, "Many people are questioning the sudden change in policy of the Democratic Party, which had said that abolition was absolutely impossible."
"We hope that this is not a ploy to change public opinion ahead of Lee's sentencing," he said. Spokesman Kim Jun-Ho added, "We will swiftly advance the legislative process to abolish the financial investment income tax.
Therefore, we need to take this opportunity to proactively work on legislation to advance the capital market."