Photo : YONHAP News
Lawmakers on both sides of the aisle have censured the government as the nation is set to face a tax shortfall of nearly 30 trillion won this year due to a steep decline in corporate tax revenue.
During a full session of the National Assembly’s Strategy and Finance Committee on Thursday, ruling People Power Party lawmaker Lee Jong-wook said despite the government’s repeated vows since 2022 to improve related systems, this year will mark the fourth year for the nation to witness a deficit in tax revenue.
Stressing that the government must regard the issue seriously, Lee called on the finance ministry to assume a progressive attitude and approach in forecasting tax revenues.
Main opposition Democratic Party(DP) legislator Kim Young-jin blamed the government’s failed economic policies for the tax shortfall, saying the foundation for tax revenues is collapsing due to the downturn of the overall economy.
Another DP lawmaker, Chung Il-young said the government must reprimand those responsible and the president must issue a public apology for discrepancies in tax revenue projections and the nation’s economic downturn.