Yoon pledges to scrap capital gains tax on stocks

SEOUL, Jan. 27 (Yonhap) -- Main opposition presidential candidate Yoon Suk-yeol pledged Thursday to scrap capital gains taxation on stocks in defiance of the Moon Jae-in government's plans.

On his Facebook page, Yoon of the conservative People Power Party wrote the words "Abolition of capital gains tax on stocks" and did not elaborate.

If implemented, the pledge will amount to a reversal of the Moon Jae-in administration's plan to introduce a capital gains tax of up to 25 percent on retail investors next year.

Yoon's campaign said scrapping the tax will help grow the country's stock markets and protect retail investors in pursuing their dreams of accumulating wealth via stocks.

Abolishing the tax will require a relevant bill to pass the National Assembly.

hague@yna.co.kr
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