Finance Minister Nominee Lee Hyoung-il Rules Out Corporate Tax Cuts
2 sources · South Korea · 1 of them is linked to a state
Who reported this
- Yonhap
- The Korea Herald
What the colours mean
- Left
- Centre-left
- Centre
- Centre-right
- Right
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Every source for this story reports from South Korea.
Finance Minister nominee Lee Hyoung-il stated on Sunday that he is not considering a corporate tax cut. The remarks came in response to a query from a ruling party lawmaker ahead of Lee's confirmation hearing at the National Assembly on Tuesday. Lee cited the restoration of the corporate tax rate that took effect this year as the reason for his position.
According to the reports, the previous Yoon Suk Yeol government reduced the top corporate tax rate from 25 percent to 24 percent in 2022. The subsequent Lee Jae Myung administration restored the rate by 1 percentage point this year. Lee explained that this restoration was intended to normalize the corporate tax burden and create a virtuous cycle between growth and tax revenue to support corporate competitiveness.
When asked about implementing differentiated tax rates for companies operating outside the capital area, Lee stated that a careful approach is necessary to maintain tax equality and consider the overall fiscal condition. Additionally, Lee indicated in a document submitted to the National Assembly that the adoption of an income tax on financial investment and capital gains should be reviewed after market conditions stabilize. He also suggested that levying taxes on virtual assets would enhance tax fairness, noting the existing transfer and trade taxes on stocks.
How each side framed it
- Centre
- The center lean outlets provided the most comprehensive coverage, including Lee's views on virtual asset taxes and financial investment income tax.
- Centre-right
- The center-right lean outlet focused primarily on the corporate tax rate and regional tax differentiation without mentioning virtual assets or capital gains taxes.
Sources
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