South Korea’s People Power Party floor leader Chung Jeom-sik said the government should revisit both its plan to create a "Future Response Fund" financed by excess tax revenue and its tax regime for virtual assets, according to Yonhap News Agency. Chung argued that excess tax revenue is temporary by nature, while spending, once expanded, is difficult to cut back. He said the government should put tax relief for citizens first. On the virtual asset tax scheduled to take effect in January next year, Chung called for either a delay or a repeal. He also warned that pushing ahead with the tax could drive capital to other jurisdictions, naming Hong Kong and Singapore.
South Korea’s People Power Party floor leader Chung Jeom-sik said the government should review its plan to establish a "Future Response Fund" financed by excess tax revenue, as well as its tax system for virtual assets, according to Yonhap News Agency.
Chung said excess tax revenue is temporary, while government spending becomes hard to reduce once it rises. He said easing the tax burden on citizens should come first.
On the virtual asset tax set to take effect in January next year, he called for the measure to be delayed or scrapped, saying forced implementation could push capital to Hong Kong, Singapore and other markets.
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