Opposition: Yoon Government Faces 30 Trillion Won Tax Revenue Shortfall This Year... "What Is the Ministry of Economy and Finance's Purpose?"

The National Assembly's Planning and Finance Committee on the 26th announced that it will thoroughly scrutinize the government's fiscal policy regarding the tax revenue shortfall issue during this year's national audit. The government projected that this year's national tax revenue would fall short by 30 trillion won compared to the original budget. The opposition party emphasized the urgent need to reduce unnecessary national tax exemptions and redesign the estimation model to address the recurring tax revenue discrepancies.

The Planning and Finance Committee held a plenary session on the same day to receive reports on this year's national tax revenue and revised tax revenue forecasts. Choi Sang-mok, Deputy Prime Minister and Minister of Strategy and Finance, assessed in his briefing that the tax revenue shortfall this year would reach 29.6 trillion won. Following last year's shortfall of 56.4 trillion won, the total tax revenue discrepancy over four years amounts to 200 trillion won.

Jeong Il-young, a member of the Democratic Party of Korea, commented on the tax revenue shortfall, saying, "I do not understand why the Ministry of Strategy and Finance makes such large tax revenue errors," and added, "The government should prepare a supplementary budget and hold a fiscal hearing to address the discrepancy issue." Jeong raised his voice, stating, "Those responsible must be held accountable."

In response, the Democratic Party also announced plans to revise the national tax revenue estimates during the National Assembly's budget review process. The party stated, "Since the submission of the government budget to the National Assembly, significant changes in domestic and international economic conditions are expected to cause major fluctuations in the national tax revenue estimates."

From the same party, Im Kwang-hyun questioned Deputy Prime Minister Choi, saying, "The Ministry of Strategy and Finance explains that the 30 trillion won discrepancy this year is due to the economic slowdown last year exceeding expectations. Then, if neither the recovery nor the slowdown can be predicted, what is the purpose of the Ministry of Strategy and Finance's existence?"

To this, Deputy Prime Minister Choi responded, "I feel a strong sense of responsibility regarding these issues," and added, "We are trying to change the overall tax revenue estimation methods to improve the tax revenue shortfall problem."

[Image source=Yonhap News]

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