Choo Kyung-ho: "It is not desirable to impose more tax burden... Will decide later"

Deputy Prime Minister for Economy Choo Kyung-ho is delivering opening remarks at the Economic Deputy Prime Minister Invitation Kwanhun Forum held at the Press Center in Jung-gu, Seoul on the 8th. Photo by Yoon Dong-joo doso7@

Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho stated on the 13th regarding the tax revenue shortfall that "it is not desirable to increase the tax burden through tax law amendments."

Deputy Prime Minister Choo made this remark in response to a question from Yoo Dong-soo, a member of the Democratic Party of Korea, about "whether additional tax revenue will be secured" during the National Assembly's government questioning session that day.

He added, "the expiration period for the temporary tax relief measures is approaching," and explained, "We plan to make comprehensive judgments each time based on the tax revenue situation, economic conditions, and the level of tax burden."

Deputy Prime Minister Choo said, "Although tax revenue is insufficient this year, within the existing institutional framework, we will secure additional financial resources such as global surplus funds, funds, and surplus cash to ensure that the initially planned expenditures for this year, especially the livelihood budget, are supported without disruption."

Regarding the plan to normalize the comprehensive real estate tax (종부세) fair market value ratio from the current 60% to 80% to secure tax revenue, he explained, "No policy has been decided yet, and we will make future judgments after reviewing the overall tax burden and market conditions."

On the expected scale of tax revenue this year, Deputy Prime Minister Choo said, "Since value-added tax payments are due in July and corporate tax interim payments in August, we plan to check the tax revenue situation around August, or by early September at the latest, when the overall progress is revealed."

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