Ministry of Foreign Affairs "Finalizing IRA Opinion Letter to be Submitted to the US Treasury Department"

Deadline for public consultation on the 4th local time, "Full effort to discuss solutions"
Government submits separate opinion letters to related companies and associations

[Asia Economy Reporter Yoo In-ho] The government announced on the 4th (local time) that it is in the final stages of preparing a statement regarding the Inflation Reduction Act (IRA) to be submitted to the U.S. Department of the Treasury.

An official from the Ministry of Foreign Affairs said to reporters on the same day, "We are currently in the final stages of preparing the statement and plan to submit it to the Treasury Department within the deadline once completed."

Since the U.S. Treasury Department initiated the IRA public consultation process on the 5th of last month, the government has been gathering industry opinions through a public-private joint task force (TF) and separate contacts, and based on this, has been preparing the government’s statement through consultations with related ministries.

The official added, "Apart from the government’s statement, we understand that related companies and associations are also preparing or have submitted their statements to the Treasury Department."

He emphasized, "We have been making every effort to minimize the damage to our companies related to the IRA by maintaining close communication with the industry and continuously consulting with the U.S. side to find solutions."

The U.S. Department of the Treasury and the Internal Revenue Service are collecting public opinions from stakeholders regarding various tax benefits provided under the IRA until the 4th.

Separately, the government has also established and is operating a bilateral working-level consultative body to discuss IRA-related issues with the United States.

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