The South Korean government announced revisions to its tax code aimed at helping the country overcome the COVID-19 crisis and to enhance the balance of taxation.

The government, which previously planned a maximum 25-percent tax on stock investment gains surpassing 20 million won from 2023, announced it would impose the tax on investors who earn more than 50 million won.

This comes after President Moon Jae-in stressed last week that the tax revisions must not weaken the stock market or discourage individual investors.

The government will also gradually lower the stock transaction tax to point-15 percent by 2023 from the current point-25 percent.

The income tax rate on people who earn more than one billion won in a year will be hiked to 45 percent from the current 42 percent.

Meanwhile, the government plans to offer tax credit to all companies that invest in business facilities, a benefit previously only applied to those investing in eco-friendly plants or research and development centers.