The ruling camp and government have agreed on the need to revamp the nation’s taxation system as a way to overcome the COVID-19 pandemic and resuscitate the economy. 

Democratic Party(DP) Floor Kim Tae-nyeon, the party’s chief policymaker Cho Jeong-sik and Finance Minister Hong Nam-ki shared such views during a meeting Wednesday on revising tax laws.  

Kim said revisions need to be made to the tax system to swiftly overcome economic hardship and fully stabilize people’s livelihoods. He said the DP will seek to lower the securities transaction tax to revive the stock market and will sharply raise the basic tax deduction for financial investment gains.  

Kim vowed to conclude revising taxes related to the housing market, including raising comprehensive real estate taxes and capital gains taxes for homeowners with multiple properties and corporations, within the current National Assembly.  

Minister Hong said the government will focus on expanding the base of inclusiveness and co-existence in pursuing tax revisions. To that end, Hong said the government will aim to revise the nation’s value-added tax for the first time in two decades.