(LEAD) minister nominee-fiscal policy

▲ In this file photo, Finance Minister nominee Lee Hyoung-il (C) speaks to reporters in Seoul on Sept. 3, 2026. (Yonhap)

(ATTN: UPDATES with more info in last 3 paras)

SEOUL, Sept. 13 (Yonhap) -- Finance Minister nominee Lee Hyoung-il said Sunday the he is not considering a corporate tax cut, citing the restoration of the corporate tax rate that took effect this year.

The nominee made the remarks in response to a ruling party lawmaker's query on whether he would pursue a corporate tax cut, ahead of his confirmation hearing at the National Assembly on Tuesday.

"Discussions on a corporate tax cut are not under consideration," Lee said, adding that the restored corporate tax rate came into force this year.

In 2022, the previous Yoon Suk Yeol government slashed the top corporate tax rate from 25 percent to 24 percent before the following Lee Jae Myung administration restored the rate beginning this year.

"The government restored the corporate tax rate by 1 percentage point in order to normalize the corporate tax burden and establish a virtuous cycle between growth and tax revenue by using the resources generated through tax normalization to support corporate competitiveness," he explained.

In response to another lawmaker's query about his position on calls for further differentiation in corporate and other tax rates in favor of companies operating in regions outside of the capital area, Lee said a more careful approach is needed in consideration of tax equality and the impact on overall fiscal condition.

On whether to adopt an income tax on financial investment and other capital gains, Lee said it should be reviewed after market conditions stabilize sufficiently.

Lee voiced the view in a document submitted to the National Assembly, adding that he plans to "overhaul relevant systems in response to industrial shifts, and establish fair and efficient financial and taxation systems."

He added that it would be helpful in enhancing tax fairness to levy taxes on virtual assets, given the transfer and trade taxes imposed on stocks.

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