[Image source=Yonhap News]

[Image source=Yonhap News]

View original image

[Asia Economy Reporter Kim Hye-min] On the 28th, the Democratic Party of Korea suddenly submitted only the 'Real Estate 3 Acts' reflecting the July 10 real estate measures at the plenary meeting of the National Assembly's Planning and Finance Committee. The United Future Party immediately opposed, saying, "They are only processing bills that suit the regime's taste."


At the plenary meeting held that morning, friction began from the process of appointing the floor leaders and forming the subcommittee. After a recess called by Yoon Hu-deok, the Planning and Finance Committee chairman from the Democratic Party, the floor leaders of both parties discussed the formation of the subcommittee but failed to reach an agreement. A United Future Party official explained, "It was because the Democratic Party failed to submit the list for the Tax Subcommittee." In response, Go Yong-jin, the Democratic Party floor leader of the Planning and Finance Committee, expressed regret.


The conflict peaked when the Democratic Party suddenly submitted only three bills proposed by Representative Ko, which included the July 10 real estate measures. Representative Hong Ik-pyo of the Democratic Party demanded additional submissions, citing the urgency of real estate stabilization measures, and Representative Yang Kyung-sook agreed. Chairman Yoon then put the matter to a vote based on Article 71 of the National Assembly Act to decide whether to submit the bills.


The bills in question are the Comprehensive Real Estate Holding Tax (종부세), Income Tax Act, and Corporate Tax Act, which increase taxes on multi-homeowners and corporations.


The United Future Party expressed strong dissatisfaction. Representative Chu Kyung-ho of the United Future Party said, "There are many other real estate-related bills, and the opposition party has also submitted many bills, so they should be submitted and discussed together." Representative Seo Byung-soo raised his voice, saying, "Numerous real estate tax laws have been proposed. How can they submit bills to the plenary meeting without forming a subcommittee? This is a robbery using numbers as a weapon to seize bills."


As a result of a standing vote, 17 out of 26 members present voted in favor, and the three bills proposed by Representative Ko were submitted to the plenary meeting. All Democratic Party members, Representative Jang Hye-young of the Justice Party, and Representative Yong Hye-in of the Basic Income Party expressed support.


In response, the United Future Party's Planning and Finance Committee members held an emergency press conference at the National Assembly Communication Office, strongly protesting that "the Democratic Party's parliamentary dictatorship has gone too far."


They criticized, "Right after the first meeting's introductory session, they overturned the agreement between the floor leaders of both parties and refused to form the subcommittee, submitting only three out of 234 bills referred to the Planning and Finance Committee to the plenary meeting."


They continued, "Submitting only specific members' bills under the Blue House's orders and pushing them through a vote without proper discussion is an act of deceiving the people and the National Assembly," and "They are fundamentally blocking the National Assembly's discussion of the bills." They pointed out, "Processing only bills that suit the regime's taste shows the ruling party's intention to regard the National Assembly as a rubber stamp and servant of the Moon Jae-in administration."


Later, the United Future Party's Planning and Finance Committee members requested additional submissions, including the Comprehensive Real Estate Holding Tax Act, Income Tax Act, and Corporate Tax Act referred to the committee, at the plenary meeting held in the afternoon, but the vote resulted in rejection.



The Democratic Party proceeded with the review at the plenary meeting, citing the fact that the Tax Subcommittee was not formed, and attempted to process the bills that day.


This content was produced with the assistance of AI translation services.

© The Asia Business Daily(www.asiae.co.kr). All rights reserved.

Today’s Briefing