Korea National Tax Service Director Chu Kyung-ho: "Please Make Efforts to Reflect Reduced Tax Burden in December Property Tax Bills"

[Image source=Yonhap News]

[Asia Economy Sejong=Reporter Kim Hyewon] Choo Kyung-ho, Deputy Prime Minister for Economy and Minister of Strategy and Finance, emphasized on the 22nd that "the Ministry of Strategy and Finance, responsible for tax policy and administration, and the National Tax Service must cooperate organically as an economic one team."

Deputy Prime Minister Choo attended the 'National Tax Office Chiefs Meeting,' held for the first time since the new government took office, and regarding the '2022 Tax Reform Plan' announced the day before, he requested the National Tax Service to focus its policy capabilities on revitalizing the economy and stabilizing people’s livelihoods from the perspective of national tax administration.

Choo said, "For the efforts of the (tax reform plan) to bear full fruit, reforming the system alone has its limits, and it can only be completed with the participation and cooperation of frontline national tax officials who directly interact with the public and are responsible for actual enforcement."

He added, "The National Tax Service should actively support job and investment creation from the tax administration side, carefully examine whether there are unnecessary regulations that burden companies compared to global standards, and operate tax audits meticulously. Efforts should be made so that not only our domestic companies but also foreign-invested companies investing in Korea can focus on normal business activities."

Deputy Prime Minister Choo continued, "The revised bill to reduce the tax burden on low-income and middle-class citizens is included as a key part of the tax reform plan, and real estate tax policies will also be adjusted according to tax principles. From the tax administration side, please concentrate tax administration capabilities on supporting low-income earners and small business owners who are facing economic difficulties due to high inflation even before recovering from COVID-19 damage." He also urged thorough preparation to ensure that the changed systems, such as real estate tax policies, can be successfully settled without market confusion. He noted that a bill to ease the comprehensive real estate tax burden this year is currently pending in the National Assembly, and requested special efforts to ensure that the reduced tax burden is properly reflected in the December tax bills this year as soon as discussions conclude.

Choo said, "Establishing a stable fiscal foundation starts with supporting taxpayers to voluntarily pay taxes faithfully," and added, "Please carefully manage the process close to the people by advancing digital infrastructure such as Hometax and improving the entire tax filing and payment process to meet taxpayers’ perspectives." Finally, he stated, "Tax evasion and delinquency undermine a sound fiscal foundation and harm fairness with sincere taxpayers," and urged, "Please respond strictly to unfair acts and malicious tax evasion with fair enforcement based on law and principles."