Kim Dae-ji "Tax revenue shortfall of 11 trillion won until June... Impact of corporate tax reduction"

[Image source=Yonhap News]

[Asia Economy Reporter Kim Hye-min] Kim Dae-ji, nominee for Commissioner of the National Tax Service, stated on the 19th, "This year's national tax revenue is about 11 trillion won short as of June, based on the National Tax Service's standards."

Kim made this remark in response to a question from Park Hong-geun, a member of the Democratic Party of Korea, regarding the "tax revenue outlook for this year" during a confirmation hearing held at the National Assembly that day.

He explained, "Compared to last year, tax revenue is short by more than 22 trillion won," adding, "Corporate tax revenue decreased by 11.7 trillion won in the first half of the year, which has a significant impact." He further noted, "Taxes related to assets, such as capital gains tax and securities transaction tax, are coming in more than expected."

In response to a question from Seo Byung-soo, a member of the United Future Party, asking whether all targeted taxes can be collected, Kim said, "It is a bit premature to make a judgment at this point," and added, "From my position, I will do my best."

Regarding Seo's criticism that raising real estate-related taxes was to cover the tax revenue shortfall, Kim explained, "(The increase in real estate taxes) is not primarily aimed at increasing tax revenue but rather prioritizes the policy goal of stabilizing the real estate market."

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