People Power Party Speeds Up Supplementary Budget Processing, Democratic Party Says "We Will Hold Accountable for 53 Trillion Won Excess Tax Revenue" (Comprehensive)

People Power Party Agrees on Budget Committee Inquiries for 19th and 20th
Democratic Party: "Ministry of Economy and Finance Must Investigate Intentional Tax Estimation"

Park Hong-geun, floor leader of the Democratic Party of Korea, is attending the policy coordination meeting held at the National Assembly on the 12th and delivering opening remarks. Photo by Yoon Dong-joo doso7@

[Asia Economy Reporter Hyunju Lee] The government and the People Power Party are facing accountability demands from the Democratic Party of Korea regarding the 53 trillion won in excess tax revenue planned to be used as the budget for the second supplementary budget.

Park Hong-geun, floor leader of the Democratic Party of Korea, stated in his opening remarks at the policy coordination meeting on the 12th, "The Ministry of Strategy and Finance's estimation errors have gone too far," and added, "We will launch a fact-finding investigation at the National Assembly level and hold those responsible accountable."

Park further pointed out, "The government plans to use 53 trillion won in excess tax revenue as the funding source for this supplementary budget, but this estimation error rate is the second largest following last year."

He continued, "Last year also revealed serious flaws in tax revenue estimation. Because of this, the Board of Audit and Inspection has been auditing this issue since April," emphasizing, "We need to determine whether the Ministry of Strategy and Finance intentionally made these tax estimates or if the financial authorities were incompetent."

In response, Sung Il-jong, policy chief of the People Power Party, said in a radio interview on the same day, "I don't understand the reason for the criticism. All the excess tax revenue occurred during the Moon Jae-in administration," adding, "Last year, there was 61 trillion won in excess tax revenue. The supplementary budget was made and spent because of the increase in excess tax revenue last year."

Kwon Seong-dong, floor leader of the People Power Party, is attending the party floor strategy meeting held at the National Assembly on the 12th, delivering opening remarks. Photo by Yoon Dong-joo doso7@

Policy Chief Sung said, "This year, an additional 53 trillion won is expected, and Representative Park Hong-geun said this shakes the national discipline. However, the forecast for additional tax revenue was made under the Moon Jae-in administration’s Deputy Prime Minister Hong Nam-ki’s leadership," adding, "The administration was handed over on May 10, just two days ago. We did not make this estimate. I really do not understand why such remarks are being made about this."

The People Power Party is accelerating the processing of the second supplementary budget bill agreed upon by the party and government the day before. The People Power Party and the Democratic Party agreed to hold the Budget and Accounts Special Committee meetings on the 19th and 20th to conduct urgent inquiries on the supplementary budget bill. Ryu Seong-geol, ruling party secretary of the Budget and Accounts Special Committee, said at the floor strategy meeting that day, "This supplementary budget’s funding is secured through expenditure restructuring, global surplus funds, and revenue adjustments, thereby proceeding in a way that does not burden future generations with debt, unlike previous administrations," and added, "Since the Democratic Party has also expressed willingness to cooperate quickly on the supplementary budget, as the People Power Party secretary, I will make this supplementary budget an opportunity to establish the first starting point for cooperation."

Floor leader Park also promised cooperation, saying, "If the government approves and submits the supplementary budget bill to the National Assembly today, we will cooperate with the ruling party to ensure swift review."

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