Choo Kyung-ho: "Even if tax revenue falls short this year, tax increase is the last matter for review"

At the National Assembly Planning and Finance Committee Plenary Meeting

Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho stated on the 17th, "Even if there is some tax revenue shortfall this year, we need to examine whether it is structural, and whether it should be linked to tax increases is something that should be considered last."

Deputy Prime Minister Choo made this remark while attending the plenary session of the National Assembly's Planning and Finance Committee in response to a question from Yoo Dong-soo, a member of the Democratic Party of Korea.

Choo explained, "In case of a tax revenue shortfall, we should first respond through fiscal expenditure efficiency and other measures," adding, "We have painstakingly reduced corporate taxes by 1 percentage point for large, small, and medium-sized enterprises, so it would not be appropriate to reverse that and increase taxes again."

Regarding the extension of the fuel tax reduction measure, he said, "There are requests from the ruling party (to extend the fuel tax reduction), and many others are pointing this out, so from the perspective of alleviating the public's burden, we are conducting final reviews and considerations," adding, "We are seriously reviewing it and plan to make a decision soon."

Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho is speaking at the plenary meeting of the Planning and Finance Committee held at the National Assembly on the 17th. Photo by Hyunmin Kim kimhyun81@

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