Minister calls for speedy passage of year-end tax bill

Finance Minister Choi Kyung-hwan called for swift parliamentary passage of the controversial year-end tax bill so that millions of taxpayers would be able to receive redemption on time.

The bill, having failed once to pass the April plenary session, addresses reduction of tax imposed on the taxpayers whose annual income is 55 million won or under.

“If the bill misses the May 11 deadline (to pass the National Assembly) 6,880,000 taxpayers will be unable to get their year-end tax work processed,” Choi said, who doubles as deputy prime minister, during a meeting of economic ministers on Thursday.

Failing to meet consensus on the complementary policy can cause nationwide confusion, the minister stressed.

“If the bill falls through again in the National Assembly, the government will be forced to break its promise and the taxpayers will have to go through another hectic process,” Choi said.

Choi also stressed the need for the National Assembly to act on other economic bills including ones on civil servants’ pension reform. The bills are urgent as they aim at lessening the financial burden of young people and future generations, he said.

By Chung Joo-won (joowonc@heraldcorp.com)