Deadlock in National Assembly Budget Committee... Opposition: "People Power Party gave unilateral notice"

"Ruling Party Breaks Agreement" VS "Opposition Uses Force"
Differences Over Virtual Assets, Inheritance Tax, and Dividend Income

The National Assembly's Strategy and Finance Committee (SFC) failed to hold a meeting due to disagreements over the 2025 budget-related tax law amendments. The ruling and opposition parties held separate press conferences, engaging in a 'blame game.' The Democratic Party directly criticized Song Eon-seok, the SFC chairman from the People Power Party.

On the afternoon of the 29th, Jeong Tae-ho, the Democratic Party's SFC secretary, issued a statement saying, "We strongly condemn the People Power Party's breach of agreement and undemocratic committee operations" and urged, "both parties to strictly adhere to the agreed-upon matters." The ruling and opposition parties are disputing whether three items?Income Tax Act (postponement of virtual asset taxation), Inheritance and Gift Tax Act (inheritance tax relief), and Restriction of Special Taxation Act (separate taxation on dividend income)?have already been agreed upon.

Song Eon-seok, Chairman of the National Assembly's Planning and Finance Committee, is explaining to reporters at the National Assembly on the 29th the reasons for the committee's disruption. On this day, the committee was scheduled to handle the tax law amendments related to the budget bill. Photo by Kim Hyun-min

According to Secretary Jeong, "The agreement reached with Park Soo-young, the People Power Party secretary, includes a total of 14 tax law amendments, including 13 proposed by the government," and he confirmed this through the SFC administrative office and the expert committee office. He added, "If the 14 committee alternatives and amendments pass the SFC tax subcommittee and the full committee meeting, they were scheduled to be submitted to the plenary session as supplementary bills accompanying next year's budget." However, he said, "Chairman Song unilaterally notified that he would not convene the full committee meeting just before the tax subcommittee meeting, claiming that the three bills did not reflect the People Power Party's demands."

Secretary Jeong emphasized the need to convene the full committee meeting by listing the agreement process in chronological order. He stated, "The previous evening, Park Soo-young from the People Power Party suggested passing the committee alternatives at the full committee meeting by including agreed items and excluding unresolved ones among the reviewed agenda." He also claimed, "Around 9:15 a.m. that day, I met with Secretary Park and finalized additional agreements together with the Ministry of Strategy and Finance."

Park Soo-young, the People Power Party secretary, said, "Over two days, the People Power Party persuaded that the 11 tax bills, which are non-contentious even if discussed between the floor leaders of both parties, be handled at today's committee meeting, but the Democratic Party rejected even this," adding, "The major opposition party's forceful tactics have started again ahead of the passage of key livelihood bills."

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