South Korean President Halts Capital Gains Tax Revision Plans

South Korean President Lee Jae Myung announced on Thursday that the proposed changes to the country's capital gains tax will not be pursued. The tax revision aimed at boosting revenue from stock investors.

The announcement was made during a press conference where President Lee addressed the growing concerns and backlash from the public. He emphasized that the move to lower the threshold for defining 'large shareholders' was no longer deemed necessary.

Many South Korean investors had opposed the planned changes, prompting the government to reconsider the necessity of the revision. This development highlights the administration's sensitivity to public opinion on financial policies.