[2023 National Audit] Choo Kyung-ho: "Corporate Tax Revenue, Downside Factor for Next Year's Tax Revenue Forecast"

Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho said on the 26th that concerns about a tax revenue shortfall next year are due to "this year's poor corporate performance being a downside factor for next year's corporate tax revenue forecast, while wages, earned income tax, and value-added tax are upside factors."

At the National Assembly's Planning and Finance Committee audit held that day, Choo responded to Hong Seong-guk, a member of the Democratic Party of Korea, who said, "There will be problems in tax revenue estimates due to poor corporate performance forecasts for next year."

Choo added, "I agree that efforts must be made for accurate tax revenue forecasts," and said, "We will work harder and even seek advice from overseas international organizations to find ways to improve."

He also said, "Although tax revenue will be lower, spending on livelihood and economic sites will proceed as planned, resulting in a deficit larger than last year's forecast," and predicted, "When the final accounts are settled, the deficit will be even larger."

Choo said, "We have submitted the best possible forecast to the National Assembly under the current circumstances," and added, "There may be final discussions on various forecasts in the National Assembly from November to early December, and I will actively participate in those discussions."

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