Dismissed over '60 Trillion Won Tax Revenue Error'... Yoon Tae-sik Appointed as New Head of Ministry of Economy and Finance Tax Policy Bureau

Yoon Tae-sik, New Head of the Tax Policy Bureau at the Ministry of Economy and Finance

[Asia Economy Sejong=Reporter Kwon Haeyoung] The Ministry of Economy and Finance, which has been at the center of controversy over tax revenue forecast errors due to last year's excess tax revenue amounting to 60 trillion won, has finally carried out a disciplinary personnel reshuffle by replacing the head of the Tax Policy Bureau.

On the 27th, the Ministry appointed Yoon Taesik, Director General of International Economic Management, as the new head of the Tax Policy Bureau. It is reported that Kim Taeju, the former head, recently submitted his resignation.

When preparing last year's budget, the Ministry estimated national tax revenue at 282.7 trillion won, but actual tax revenue is expected to exceed 340 trillion won. Despite revising the tax revenue forecast several times last year, there was an excess tax revenue of 60 trillion won. The increase in real estate tax revenue due to the rapid rise in housing prices is cited as the cause, marking the largest forecast error rate since 1990 (22.5%).

Accordingly, Deputy Prime Minister and Minister of Economy and Finance Hong Namki recently issued an apology and proposed reform measures for the Tax Policy Bureau, effectively carrying out a disciplinary personnel action by dismissing Kim Taeju. This personnel change has drawn criticism both inside and outside the Ministry, with accusations that the minister is placing all responsibility solely on the head of the Tax Policy Bureau.

The new head of the Tax Policy Bureau, Yoon Taesik, born in 1969 (age 53), graduated from Seoul National University with a degree in Business Administration and earned a master's degree in Business Administration from Illinois State University in the United States. He entered public service through the 36th Administrative Examination and has served as Director General of the Development Finance Bureau, spokesperson, Director General of the International Finance Bureau, Director General of the Policy Coordination Bureau, and Director General of International Economic Management.