The National Assembly is set to take steps this month to scrap the financial investment income tax, which was set to take effect next year, after the main opposition Democratic Party decided to back down from its previous stance and consent to the tax’s abolition.

During a meeting of the party’s Supreme Council on Monday, party chair Lee Jae-myung said the opposition has agreed to do away with the tax as the government and the ruling People Power Party have asked.

The ruling party, which had presented as its party platform in June a motion seeking the tax’s abolition, immediately hailed the Democratic Party’s decision and proposed passing a motion on scrapping the tax this month. 

The ruling camp is aiming to pass such a motion during a plenary session on November 28.

The People Power Party apparently believes it would be better to handle bills related to people’s livelihood on November 28 instead of next Thursday’s session given that the opposition has unveiled plans to handle in Thursday’s plenary a bill mandating a special counsel investigation to examine allegations against first lady Kim Keon-hee.