SEOUL: Finance Minister Choi Sang-mok says the government needs to scrap a financial investment income tax and review various tax schemes regarding stock trading in an effort to ease market uncertainty and help boost the stock market.
Under the investment income tax scheme, set to take effect next year, capital gains of over 50 million won or about US$38,000 from stock investments will be subject to a 20% tax, while earnings exceeding 300 million won will be subject to a 25% tax.
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