[Asia Economy Reporter Naju-seok] On the 30th, National Assembly Speaker Kim Jin-pyo designated and announced the supplementary bills for next year's revenue budget bill. Speaker Kim finalized and announced the supplementary bills in accordance with the National Assembly Act but urged continuous consultations between the ruling and opposition parties to reach an agreement on the supplementary bills.
On the same day, Speaker Kim included 15 tax law amendment bills submitted by the government, such as the Corporate Tax Act and Income Tax Act, as well as 10 supplementary revenue bills proposed by lawmakers: Kim Byung-wook of the Democratic Party's Special Account Act for Early Childhood Education Support and National Finance Act; Roh Woong-rae of the Democratic Party's Income Tax Act amendment; Lee Tae-gyu of the People Power Party's Local Education Finance Grant Act, National Finance Act, and Special Account Act for Higher Lifelong Education Support; Yoo Ki-hong of the Democratic Party's Special Account Act for Early Childhood Education Support; Han Byung-do of the Democratic Party's Restriction of Special Taxation Act; and Cho Hae-jin of the People Power Party's Education Tax Act and Corporate Tax Act.
According to the National Assembly Act, if the supplementary bills for the revenue budget are not reviewed by the 30th to align with the automatic submission of the budget bill, they will be automatically submitted to the plenary session on the 1st of the following month.
Speaker Kim stated, "I designated the supplementary bills after comprehensively considering whether revenue increases or decreases, reflection in the government budget proposal, and the status of discussions in the relevant standing committees." He added, "Although the reviews by the relevant committees such as the Planning and Finance Committee, Education Committee, and Special Committee on Budget and Accounts have not been completed, I ask that even after submission to the plenary session, the ruling and opposition parties make every effort to promptly reach an agreement on the budget bill and supplementary bills through continuous consultations." He emphasized, "In a situation where the difficulties of the ordinary people's economy are intensifying due to interest rate hikes, it is time for the National Assembly to come together and demonstrate the spirit of cooperation to create budgets and tax laws for the people."
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