Hong Nam-ki: "Tax Increase Requires Public Consensus... Strengthening Detection of Evasion Income"

[Image source=Yonhap News]

[Asia Economy Reporter Jang Sehee] Hong Nam-ki, Deputy Prime Minister and Minister of Economy and Finance, said on the 17th, "The most important thing regarding tax increases is forming a national consensus."

Deputy Prime Minister Hong attended the plenary meeting of the National Assembly's Planning and Finance Committee on the same day and responded to Justice Party lawmaker Jang Hye-young's remark that mid- to long-term discussions on tax increases are necessary by saying, "I think tax increases can only be realized if there is a national consensus." He added, "I believe discussions on tax increases can take place at various levels."

Regarding the possibility of tax increases over the next five years, he stated, "While drafting a medium-term fiscal plan for about five years, we intend to expand the existing revenue base through various other methods rather than increasing taxes." He presented efforts such as reforming the tax exemption and reduction system, strengthening efforts to uncover hidden income, and rationalizing the tax system as preliminary tasks.

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