Deputy Prime Minister and Minister of Strategy and Finance Choi Sang-mok (pictured) predicted that if the current trend continues, there will be a tax deficit of 32 trillion won this year.

At the National Assembly Budget Settlement Special Committee’s comprehensive policy inquiry held on the 2nd, when Rep. Kim Young-hwan of the Democratic Party of Korea asked, “If things continue as they are, is it expected that there will be a 32 trillion won tax revenue shortfall?”, Deputy Prime Minister Choi answered, “Yes.” This figure comes from the fact that although the annual national tax revenue budget this year is 23.2 trillion won more than last year, the actual national tax revenue from January to July is 8.8 trillion won less than last year.

However, Deputy Prime Minister Choi expressed a negative view on the preparation of an additional budget to address the tax deficit. When People Power Party lawmaker Kang Seung-gyu asked, “Did you use the Public Fund Management Fund to resolve the 56.4 trillion won tax deficit last year?” he said, “Yes. We responded by adjusting the internal transactions using the government’s available financial resources within the scope of not issuing additional national bonds as much as possible.”

“Overall, there has been no increase in the country’s new interest burden,” said Vice Prime Minister Choi.

Reporter Park Sang-yong [email protected]