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[Alpha Biz=(Chicago) Reporter Kim Jisun] Financial authorities will seek to collect fines up to twice as much for unfair trade gains and remove those involved from the stock market.
Kim Joo-hyun, chairman of the Financial Services Commission, made the remarks at the fourth forum on people's livelihood held at the Korea Exchange in Yeouido, Seoul, on the 17th under the theme of "Win-Win Finance, Expanding the Ladder of Opportunity," saying, "We will establish a fair and transparent market order and eradicate illegal short selling."
In order to sternly punish unfair trade, the financial authorities plan to expand the reward for reporting from 2 billion to 3 billion won to induce reporting of unfair trade and block the pursuit of private interests by major shareholders.
The authorities will also strengthen tax support to support the formation of national assets through the capital market. First of all, it will abolish the financial investment posture scheduled to be introduced in 2025. To that end, the government submitted an amendment to the Income Tax Act to abolish the Financial Investment Income Tax (Financial Investment Tax) this month to the National Assembly and set the goal of passing the amendment in February.
Securities transaction taxes will be reduced to 0.15% in 2025 and support for individual comprehensive asset management accounts (ISA) will be strengthened.
"We will raise the ISA tax exemption limit by 2.5 times," Chairman of the states Affairs Commission Kim said. "For the current general type, we will raise the preferential type from 4 million won to 10 million won from 2 million won to 5 million won and double the payment limit."
AlphaBIZ 김지선(stockmk2020@alphabiz.co.kr)
