Jung Jeom-sik, the floor leader of the People Power Party, met with Lee Hyung-il, the Deputy Prime Minister and Minister of Economy and Finance, on September 30 to emphasize the need for a shift in government economic policy. Jung specifically called for a comprehensive review of the Future Response Fund and a slowdown in the taxation of virtual assets.
During the meeting, which was part of Lee's courtesy visit to the National Assembly, Jung stated, "While excess and additional tax revenues are temporary, expenditures are permanent once increased. Therefore, the Future Response Fund, which relies on excess tax revenues, must be thoroughly reassessed."
He also pointed out, "If tax revenues increase due to temporary factors, policies should be directed towards reducing the tax burden on citizens."
Jung urged caution regarding the virtual asset taxation set to take effect on January 1, 2027, under the current income tax law. He remarked, "We should not rush into taxation. Both ruling and opposition parties have proposed bills to delay or abolish it, so I hope the government approaches this matter carefully. There are significant concerns that hasty tax imposition could lead to capital flight to places like Hong Kong or Singapore."
In response, Lee assured, "I will make special efforts to manage inflation stably and alleviate polarization in areas such as housing and employment. The National Assembly and the government are partners in national governance. I hope we can communicate frequently and create good policies together."
During the meeting, which was part of Lee's courtesy visit to the National Assembly, Jung stated, "While excess and additional tax revenues are temporary, expenditures are permanent once increased. Therefore, the Future Response Fund, which relies on excess tax revenues, must be thoroughly reassessed."
He also pointed out, "If tax revenues increase due to temporary factors, policies should be directed towards reducing the tax burden on citizens."
Jung urged caution regarding the virtual asset taxation set to take effect on January 1, 2027, under the current income tax law. He remarked, "We should not rush into taxation. Both ruling and opposition parties have proposed bills to delay or abolish it, so I hope the government approaches this matter carefully. There are significant concerns that hasty tax imposition could lead to capital flight to places like Hong Kong or Singapore."
In response, Lee assured, "I will make special efforts to manage inflation stably and alleviate polarization in areas such as housing and employment. The National Assembly and the government are partners in national governance. I hope we can communicate frequently and create good policies together."
* This article has been translated by AI.
Copyright ⓒ Aju Press All rights reserved.