Deputy Prime Minister and Minister of Strategy and Finance Choo Kyung-ho announced plans to appoint a private expert as the chairperson of the tax revenue estimation committee.
Deputy Prime Minister Choo met with reporters at the Sejong Government Complex on the 31st and said, “Until now, a kind of committee that estimates tax revenue has been centered inside the tax office and the Ministry of Strategy and Finance, but we plan to have a private expert as the chair.”
The government increased national tax revenue in the second supplementary budget, expecting 53.3 trillion won in excess tax revenue this year. Following last year, the Ministry of Strategy and Finance’s tax revenue estimate made a large error this year.
Deputy Prime Minister Choo said, “We are carrying the burden of the Ministry of Strategy and Finance to the point where it made mistakes in the past.
Accordingly, the government plans to reorganize the tax revenue estimation process in the direction of increasing the participation of private experts in the tax revenue estimation process. The Tax and Finance Research Institute, Korea Development Institute (KDI), and the National Tax Service will participate in the estimation. Deputy Prime Minister Choo added, “I hope that experts from the National Assembly Budget and Policy Office will also participate in the estimation.”
Regarding the direction of tax reform such as inheritance/gift tax and corporate tax cut, he said, “Corporate tax and bonus tax are intensively reviewed as measures to reduce the burden on corporate investment and the public, and will be introduced when the review is complete.”
In response to the controversy over tax cuts between the rich and the rich, Deputy Prime Minister Choo explained, “On one side, there is a part necessary for corporate investment or economic revitalization, and on the other side, there is an element of price instability. did. There is a possibility that tax revenue will decrease if support measures are prepared through tax cuts. Deputy Prime Minister Chu explained, “I will look at the overall tax revenue flow, the expected effect on the economy, and the short-term and mid-to-long-term effects to find a combination for which tax rate adjustments are necessary.”
Regarding the real estate tax reform plan, he said, “If we loosen the tax regulations one by one, we constantly talk about ‘how to do this aspect’.
Correspondent Dahyun Choi email@example.com