‘개미 눈치’ ISA 개편안, ‘실효성 논란’ 주가 누르기 방지법 전면 재검토

The government's tax reform proposal, including the Individual Savings Account (ISA) reform and the "prevent stock price manipulation" law, is undergoing a comprehensive review due to concerns within the ruling party about investor sentiment. The government claims these reforms were created to activate the domestic capital market and prevent inheritance/inheritance tax evasion schemes, but is receding from the review mandate given by President Yoon Suk-yeol.

Critics argue that the ISA reform reduces benefits for existing ISA holders by introducing a "productive financial ISA" while cutting back on the advantages of the traditional ISA. The traditional ISA allows tax-free interest and dividend income up to 200,000 won for domestic and foreign funds and stocks, with the possibility of extending the account indefinitely, enabling investors to defer taxes and reinvest earnings for compounding returns.

The reform limits ISA account durations to five years, requiring account closure and reopening after five years. This change is seen as a loss of compound interest benefits for long-term investors. The proposed reforms also limit annual deposits to 20 million won annually, which could disadvantage self-employed individuals with irregular income.

However, the government claims that the ISA reform will offer a tax-free deposit limit of 200 million won over ten years and allows investments in domestic stocks and funds, but critics point out that this restricts investment to a narrow range of assets and may further contribute to concerns over the ISA reform's effectiveness.