'Corporate Tax and Enforcement Decree Organization Budget' Remain Key Issues... Ruling and Opposition Parties Still Have Major Differences

Except for key issues in next year's budget proposal, gaps narrow
Negotiations expected to continue

[Asia Economy Reporter Naju-seok] The floor leaders of the ruling and opposition parties narrowed their differences on the next year's budget negotiations on the 18th. However, it is reported that they failed to close the gap on budget issues, which were key points of contention along with corporate tax and the Police Bureau under the Ministry of the Interior and Safety and personnel information under the Ministry of Justice.

On the same day, Joo Ho-young, floor leader of the People Power Party, Park Hong-geun, floor leader of the Democratic Party of Korea, and Deputy Prime Minister for Economy Choo Kyung-ho met at the National Assembly to discuss next year's budget issues.

[Image source=Yonhap News]

After the meeting, Floor Leader Joo said, "I exchanged opinions for two hours with Floor Leader Park and Deputy Prime Minister Choo on unresolved issues," adding, "Besides the matters mediated by the Speaker, there are still unresolved issues, but except for corporate tax and the Police Bureau and personnel information budget, differences have been narrowed." When asked by reporters whether anything other than the 3 percentage point increase in the top corporate tax rate is unacceptable, he said, "I cannot disclose specific details," but added, "The government insists that there should be personnel adjustments equivalent to the requested 3 percentage points, and the Democratic Party insists on accepting the Speaker's mediation proposal."

[Image source=Yonhap News]

Floor Leader Park said, "Overall, the remaining issues have been narrowed down, but the issues related to the Speaker's mediation proposal still require ongoing discussions," adding, "From the Democratic Party's perspective, since the Speaker's mediation proposal has been finally presented, now the government and ruling party are being asked to accept it, but since the government and ruling party have not officially accepted the Speaker's mediation proposal, we are continuing to persuade them."

As the floor leaders of both parties expressed their intention to continue consultations, further meetings are expected to follow.

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