Bang Gi-seon, Deputy Minister of Economy and Finance, "Identifying Tax Support Tasks to Address Low Birthrate"

The 1st Mid-to-Long-Term Tax Policy Deliberation Committee Meeting Held

Bang Gi-seon, the 1st Vice Minister of the Ministry of Economy and Finance, stated, "We will identify family-friendly tax support measures that can support the birth and upbringing of the younger generation in response to low birth rates and aging."

On the 14th, the Ministry of Economy and Finance held the '1st Mid- to Long-term Tax Policy Deliberation Committee' at the Korea Chamber of Commerce and Industry. At the committee meeting, the operation plan of the Mid- to Long-term Tax Policy Deliberation Committee and the outlook for mid- to long-term economic and national tax revenue conditions were discussed. The Mid- to Long-term Tax Policy Deliberation Committee plays a multidisciplinary deliberation role for the mid- to long-term tax policy operation plan, which the Ministry of Economy and Finance establishes annually outlining the tax policy direction for the next five years. The established plan is scheduled to be submitted to the National Assembly in early September.

At the committee meeting, Vice Minister Bang said, "Since support for vulnerable groups suffering from economic slowdown and high inflation is an important task, we will continue to expand safety nets to alleviate the tax burden on low-income and middle-class citizens." He added, "We will enhance income identification and tax base expansion systems, actively reform unnecessary tax exemptions and reductions, and rationalize taxpayer rights protection systems."