Main contents of the 2024 tax law revision plan (feat. abolition of capital gains tax)

The Ministry of Strategy and Finance just in the Tax Policy Development Review Committee

 

Announced the 2024 tax law revision plan.

 

1. Abolition of the capital gains tax (Reason for abolition: protection of domestic investors)

 

2. Relaxation of inheritance and gift tax

Inheritance tax child deduction increased from 50 million won to 500 million won

 

3. Postponement of Virtual Asset Taxation

(Postponed for 27 years) The level of severity seems likely to become an issue.

 

Especially, considering that the Ministry of Strategy and Finance placed the abolition of the capital gains tax at the top,

 

It seems like a fairly strong stance has been taken, but whether it will actually be abolished remains the key issue.

 

The Ministry of Strategy and Finance's wish list

 

It seems unlikely to pass the National Assembly.