NCNP to Revive Global Financial Income Tax in 2002

The National Congress for New Politics (NCNP) announced on August 3 that it will reintroduce the global financial income taxation system in 2002.
The NCNP policy committee chairman, Lim Chae-jung said, 'We are reviving the consolidated financial income tax in order to tackle 'the rich get richer while the poor get poorer' problem, which has been intensifying since the exchange crisis in 1997. We plan to levy the tax in 2002 on income earned in 2001.'
This decision delays the government's plan to revive the tax in 2001 by one year.
The chairman added, 'We decided to delay the introduction of the tax system as the financial market is unstable after the Daewoo crisis and an abrupt change could further distort the financial structure.'
Regarding the uplifting of the criteria for global taxation to above the current 40 million won annual financial income, or the lowering of the tax rate for individuals with a small amount of financial income, nothing is yet decided, the chairman Lee commented.
Kang Joo-an : jooan@joongang.co.kr