President-elect Yoon Suk Yeol's finance minister nominee, Choo Kyung-ho, has said taxes on financial investment gains should be suspended.

Choo, who is to serve simultaneously as the finance minister and deputy prime minister for economic affairs, made the remarks during his confirmation hearing on Monday.

He explained that the capital gains tax should be deferred for two years and the current stock transaction tax reduced so that funds flow into the stock market.

In response to claims that implementing both taxes is "double taxation,” he clarified that it would be right to stop transaction taxes if people were to be taxed for capital gains.

This comes as President-elect Yoon had previously pledged to abolish capital gains taxes to support individual investors. Yoon has to complete the revision of the tax law this year in order to fulfill his promise.

Should the incoming administration fail to make the revisions in time, then from 2023, investors who have earned more than a certain amount through financial investments, such as 50 million in stocks, will be required to pay a 20 percent tax on the gains.