Ruling and Opposition Parties Set Park Honggeun's Confirmation Hearing for March 23... "Three Exchange Rate Stabilization Bills" Also Approved
The ruling and opposition parties adopted the implementation plan for the confirmation hearing of Honggeun Park, the nominee for Minister of Planning and Budget, at the plenary session of the National Assembly's Planning and Finance Committee held on March 17. The confirmation hearing is scheduled for March 23.
The Planning and Finance Committee decided to receive 1,716 documents requested from relevant agencies for the confirmation hearing by 5 p.m. on March 19. The adoption of the progress report will be determined through consultation between the secretaries of both parties after the hearing.
The committee also passed the so-called "Three Foreign Exchange Stabilization Bills," including an amendment to the Restriction of Special Taxation Act. The amendment would grant up to a 100% deduction on capital gains tax if proceeds from the sale of foreign stocks are invested in the domestic stock market through the "Return to Investment Account (RIA) system."
The Three Foreign Exchange Stabilization Bills were designed by the government and the ruling party to respond to high exchange rates caused by changes in the international situation. The intent is to encourage funds that have flowed out to overseas stock markets to return to the domestic market to stabilize exchange rates.
The amendment introduces a new tax exemption condition allowing up to a 100% reduction in capital gains tax, depending on the timing of the sale, when proceeds from foreign stock sales are reinvested in the domestic market via an RIA.
Additionally, it includes special tax exemptions to ease the capital gains tax burden when investing in currency-hedged derivatives, and temporarily raises the exclusion rate for dividends received by domestic parent companies from overseas subsidiaries from 95% to 100%.
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Meanwhile, on this day, Assemblyman Jo In was appointed to the Planning and Finance Committee to replace nominee Park, who is a member of the Democratic Party.
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