Yeo: "Yoon Administration to Focus on Verifying Tax Revenue Shortfalls and Reserve Fund Allocations"

The Democratic Party of Korea announced that it will focus on verifying issues such as tax revenue shortfalls and the allocation of contingency funds during the review of the 2023 fiscal year settlement bill.

Jin Seong-jun, the chairman of the Policy Committee, held a briefing at the National Assembly on the same day and said, "The tax revenue shortfall of 56.4 trillion won is due to the Yoon Seok-yeol administration's tax cuts favoring the wealthy and failures in economic policy."

Chairman Jin pointed out, "By postponing the repayment of debt through budget 'rolling over,' the future tax burden on the public has increased," adding, "In trying to forcibly respond to the tax revenue shortfall, the National Finance Act was also violated."

Regarding the announcement of a 'financial collapse hearing,' he said, "Since the chairman of the National Assembly's Planning and Finance Committee is Song Eon-seok from the ruling party, it seems difficult to hold a hearing by resolution of the committee. If possible, we should also consider holding the hearing through the Special Committee on Budget and Accounts."

Jinseongjun, the Policy Committee Chairman of the Democratic Party of Korea, is speaking at the floor strategy meeting held at the National Assembly on the 25th. Photo by Hyunmin Kim kimhyun81@

He also criticized the government's allocation of contingency funds. Chairman Jin said, "The Yoon Seok-yeol administration used contingency funds, which are meant to prepare for unforeseen urgent financial needs, like petty cash in a manner inconsistent with principles," adding, "The government used a record-high 53.2 billion won in contingency funds for events such as the president's participation in summits. Considering failures like the unsuccessful bid for the Busan EXPO, is contingency fund spending that exceeds the main budget by more than double really appropriate?"

He continued, "The budget related to the presidential office relocation was also allocated and executed through contingency funds, but spending contingency funds more than a year after the relocation was completed is a deception to downplay the relocation costs."

He also said, "The presidential security office's special activity expenses were increased indirectly through contingency funds without National Assembly review," and explained, "We will hold those responsible for inappropriate contingency fund execution accountable and actively pursue legal and institutional measures to prevent recurrence."

Regarding the presidential office's announcement the previous day of a national pension reform plan that delays the depletion of the National Pension Fund by more than 30 years, Chairman Jin said, "We can only take a position once the government plan is announced."

On the formation of the National Assembly's Pension Reform Special Committee, he said, "Unless the government’s pension reform plan is scrapped and a new plan is prepared, is there really a need to form such a committee?"