SEOUL, President Yoon Suk Yeol said Wednesday the government will expand eligibility for individual savings accounts (ISAs) and raise the limit on the non-taxable amount.
Yoon made the remark during a meeting with some 50 financial service users, including full-time investors, office workers and small business owners, the fourth in a series of policy debates involving the government and members of the public.
“We will sharply expand eligibility for ISAs and increase the limit on the non-taxable amount,” he said during the discussion held at the Seoul office building of the Korea Exchange, the country’s bourse operator.
“In order for the state and society to prevent the solidification of classes and increase society’s dynamism, the financial investment sector must be vitalized,” he said.
ISAs were introduced in South Korea in 2016 as part of the government’s efforts to help individuals increase their wealth with a one-stop scheme and give customers tax benefits.
They allow customers to pick specific inve
stment products themselves or leave financial services firms responsible for managing assets.
Source: Yonhap News Agency