President Lee Jae-myung said there is no need to insist on tightening the major shareholder threshold for stock capital gains tax to 1 billion won and noted he would leave the matter to the National Assembly. Since both the ruling and opposition parties have said the current 5 billion won should be maintained, it appears the 5 billion won level will remain.
On the 11th, at the Blue House state guesthouse, President Lee held a press conference marking 100 days in office under the theme "100 days for recovery, growth for the future." Asked about the major shareholder threshold for stock capital gains tax, he said, "The stock market moves on sentiment, and if this would hinder the new administration's economic policy of revitalizing the stock market, there is no need to insist," adding, "The opposition is also calling for (maintaining 5 billion won), and the ruling party thinks it is better to leave it as is, so I do not think we need to tighten it to 1 billion won."
Lee said, "It seems (the major shareholder threshold for stock capital gains tax) is being perceived as a litmus test of the will to revitalize the stock market," adding, "The revenue shortfall is said to be around 200 billion to 300 billion won, so there seems to be no need to stick with (1 billion won) to the end. I intend to leave it to deliberations in the National Assembly."
Lee also emphasized his commitment to revitalizing the stock market. Lee said, "One of the key tasks of the new administration is to shift finance to productive finance, and the most crucial part of that is normalizing the stock market," adding, "There are various factors blocking normalization, including political instability, the absence of long-term economic policy, and security risks on the Korean Peninsula."
Lee said, "We will also overhaul the economic policy sphere on a large scale toward an artificial intelligence-centered advanced technology industry," adding, "Even just making these points clear would lead to normalization."
He went on, "In the case of amending the Commercial Act, it is about putting pressure on unscrupulous, bad-faith corporate management and certain controlling shareholders," emphasizing, "It helps an overwhelming majority of shareholders." Lee added, "Improving corporate governance protects company shareholders and also helps the national economy," and "it will move in a direction that grows the corporations themselves."