Kim Moon-soo, a candidate in the People Power Party's presidential primary, announced on the 25th that he would push for the 'K Capital Market modernization pledge,' which centers on the abolition of the 'dividends tax' and the introduction of punitive damages against economic offenders.
On this day, the candidate stated, "With three major policies, we will shake off the stigma of Boxpie and increase the nation's assets," revealing three major policies: ▲The first president to directly conduct overseas investor IR (Investor Relation) ▲Modernizing governance centered on listed companies and abolishing the dividends tax ▲Significantly strengthening penalties against economic offenders and implementing punitive damages.
First, he stated that he would conduct K Capital Market IR (Investor Relations) for overseas investors directly as the first president in history. Kim noted, "When the president goes overseas, it's the right time to sell the K Capital Market."
He also plans to establish a financial and economic advisory committee, consisting of the Deputy Prime Minister for Economic Affairs, the Governor of the Bank of Korea, the Chairperson of the Financial Services Commission, the Head of the Financial Supervisory Service (FSS), and private experts, to institutionalize financial market status briefings. This aims to resolve policy uncertainties and stabilize the capital market.
He announced that they would also establish a rational financial market governance environment. Unlike the Democratic Party of Korea's proposal to revise the Commercial Law regulating even unlisted small businesses, it will revise the Capital Market Act to significantly enhance shareholder protection obligations for listed companies and improve the expertise of outside directors. Additionally, if the reasonableness of managerial investments or business judgments by professional managers is recognized, it will exempt penalties for breaches of trust to create a bold investment environment for corporations.
He announced plans to also push for the abolition of the dividends tax. Under the current tax law, dividends are separately taxed at a rate of 14% (excluding local government tax) for up to 20 million won, and if they exceed 20 million won, they fall under comprehensive taxation on financial income, subject to a progressive tax rate of up to 45% (excluding local government tax) combined with labor and business income. The proposal is to not impose dividends tax up to 50 million won and to apply a 20% separate taxation rate for amounts exceeding 50 million won. Kim stated, "By abolishing the dividends tax and expanding dividends, which is the third salary, we will create opportunities for the public to increase their assets through the financial markets."
He plans to significantly strengthen penalties against economic offenders, such as stock market manipulation, including life imprisonment and permanent bans on reemployment, or to introduce punitive damages to enhance the credibility of the K Capital Market.
Kim stated, "Based on the credibility of market participants, a virtuous cycle structure of expanding investment → increasing assets for citizens and corporations → quantum jump through reinvestment will be created," and expressed hope that "increasing financial assets will ultimately help resolve the unique phenomenon of real estate concentration in our country and create quality jobs, positively influencing economic growth."