FX.co ★ South Korea Drops Capital Gains Tax Revision

South Korean President Lee Jae Myung announced on Thursday that he would halt plans to amend the capital gains tax on stock investments. He acknowledged that the proposed changes could destabilize the market. "If it causes harm to the stock market, reducing the threshold from 5 billion won to 1 billion won isn't necessary," Lee remarked, referencing the criteria identifying "large shareholders" subject to taxation. The announcement followed backlash from individual investors. Lee indicated that the final decision would be deferred to parliament, currently assessing the proposal. Both the ruling Democratic Party and the opposition People Power Party favor maintaining the current threshold.