[2023 National Audit] Choo Kyung-ho "Apologies for Tax Revenue Error... Proceeding Without Disruption to Livelihood and Economic Vitality Spending"

Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho bowed his head on the 19th regarding the tax revenue discrepancy amounting to trillions of won.

At the Ministry of Economy and Finance's National Assembly audit held at the government Sejong complex on the same day, Deputy Prime Minister Choo responded to the criticism from Kim Young-sun, a member of the People Power Party, who pointed out, "There have been large tax revenue discrepancies for three consecutive years," by saying, "I apologize to the public for the approximately 59 trillion won tax revenue estimation error compared to the original government budget proposal."

Earlier, the Ministry of Economy and Finance revised this year's national tax revenue forecast from the original revenue budget of 400.5 trillion won down by 59.1 trillion won (14.8%) to 341.4 trillion won. This means that the scale of this year's 'tax revenue shortfall' is approaching 60 trillion won.

Deputy Prime Minister Choo explained, "However, when the government was launched last year, a second supplementary budget was made, and in April and May at that time, the total tax revenue forecast, including the expected increase in 2022 tax revenue, was made. In fact, when looking at the final accounts, the results were accurate without any errors."

He added, "This year, from the end of last year, the domestic and international economic situation rapidly changed, corporate performances deteriorated much more than expected, and the asset market slump deepened significantly, causing a large tax revenue estimation error. Despite the considerable shortage in tax revenue, through various responses, we will cooperate with the Ministry of the Interior and Safety, Ministry of Education, and local governments to ensure that expenditures for stabilizing people’s livelihoods and revitalizing the economy proceed without disruption," he emphasized.

[Image source=Yonhap News]

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