On March 26th (Fri), the National Assembly Budget Office(Chief Lim Iksang) conducted an annual consultation with the international credit rating agency Moody’s. This consultation was requested by Moody’s and was held virtually following the concerns over COVID-19. In 2019, Moody’s paid a visit to NABO and discussed Korea’s fiscal environment overall including Korea’s fiscal policy and fiscal soundness. The meeting was attended by Moody's consultation team, including Gene Fang, the Associate Managing Director from Moody’s responsible for sovereign credit ratings in the Asia Pacific Group, and NABO analysts team led by Chun Yongsu, the Director of the Economic Industrial program Evaluation Division. An in-depth discussion took place, centering on the fiscal sustainability in the post-pandemic era, the fiscal effect of the Korean New Deal, and the evaluation of the financial health of public institutions.

The National Assembly Budget Office (Chief, Lim Iksang) held the First Budget Policy Advisory Committee Meeting of 2021 on Tuesday, February 16. This committee meeting was attended by 14 members, including Ha Yeonseob, Chairman of the Budget Policy Advisory Committee.
The advisory committee shared opinions on major fiscal and economic topics of the year and elaborated concrete suggestions on the future direction of NABO. In particular, the members emphasized the need for appropriate scale of fiscal expenditures to support the damage caused by COVID-19 and a long-term analysis and outlook taking changes in population and industrial structure into account. In addition, they evaluated that NABO can actively respond to these issues and play a leading role as a specialized fiscal institution in times where there are economic uncertainties internally and externally.
After completing the advisory committee, the Chief of NABO Lim Iksang, thanked the participants for raising various opinions with interest and support of the institution. He added that he would take every word from the advisory committee into mind as NABO assists the National Assembly to contribute to the economy recovery and pave the way for the future of this country.
The National Assembly Budget Office operates the Budget Policy Advisory Committee composed of experts in fiscal, economy and various fields in accordance with Article 7 of the “National Assembly Budget Office Act”.

The National Assembly Budget Office reported its new year plans to the Speaker of the National Assembly in the conference room at 10 am on Monday, January 25, 2021.
The Chief of NABO, Lim Iksang announced ‘leading the national mid- to long-term agenda and supporting the establishment of future strategies’, ‘advancing support for legislative activities in the fiscal and economic sectors’, and ‘operating future-oriented organization’ as the mission of NABO in 2021. In addition, the National Assembly Budget Office has expressed its ambition to support legislative activities step by step, like a cow's steadfast steps in the year of the cow.
Park Byeongseug, the Speaker of the National Assembly, highly praised the National Assembly Budget Office's new year plan and vision, and expressed his aspiration that, "it is time to break down the walls among the affiliated organizations of the National Assembly and work through mutual cooperation“.

The National Assembly Budget Office (Chief Lim Iksang) held an annual consultation with International Monetary Fund (IMF) mission team on January 20th (Wednesday). This consultation was proposed by IMF and conducted virtually following concerns over COVID-19.
Chief Lim Iksang delivered his opening remarks introducing NABO’s major performances including “Long-Term Fiscal Outlook”; “2021 and Mid-Term Economic Outlook”; budget and settlement analysis reports including reports on four supplementary budget plans. He also expressed that he is looking forward to enhancing the bilateral cooperation between NABO and IMF.
The IMF mission team including Economist Si Guo, discussed topics including long-term fiscal outlook and fiscal rules with Park Myung Ho, the Assistant Chief of Estimates & Tax Analysis Department, Baek Kyungyeop, the Director of Tax Analysis 2 Division and analysts at NABO.

The National Assembly Budget Office is starting 2021, the year of white cow by diligently and faithfully carrying out its duties. To prevent the spread of COVID-19, NABO did not hold a new year kick-off ceremony this year. NABO will actively practice social distancing among employees and strictly comply to the quarantine rules. In his New Year's address, Chief Lim Iksang said, “In times where we face many fiscal and economic challenges, the role of the National Assembly Budget Office will gain more attention and the level of expectation will grow both internally and externally. The staff of NABO including myself must do our best.” He also emphasized, “we should always keep in mind that failing to support the legislative activities in a timely manner or lack of accuracy and objectivity may undermine the capacity and trust that NABO has built so far. I wish that every staff in NABO encourages and supports each other during the time of crisis.”

The inauguration ceremony of the 9th Chief of NABO was held on November 10th at the main auditorium of the National Assembly Library of Korea. Chief Lim Iksang, was appointed through open recruitment process, upon the approval of the House Steering Committee of the National Assembly and receiving a letter of appointment from the Speaker of the National Assembly Park Byeongseug on Tuesday morning of November 10th.
Chief Lim Iksang graduated majored in public administration at Sung Kyun Kwan University, earned a master’s degree in economics at Vanderbilt University in the USA, and a doctoral degree in public administration at Yonsei University.
His career in public service started when he passed the 10th Legislative Examination in 1990. Since then, he has served the National Assembly as the Assistant Chief for Planning and Management of NABO, Staff Director of the National Policy Committee, Chief Legislative Research Officer and Staff Director of the Special Committee on Budget and Accounts, and Senior Staff Director of Agriculture. Food, Rural Affairs, Oceans, and Fisheries Committee, Culture, Sports and Tourism Committee and the House Steering Committee of the National Assembly.

At his inauguration ceremony, Chief Lim Iksang highlighted his ambitions by "faithfully performing the duties in legislative support to satisfy the customers through supporting legislative activities and enhancing the level of institutionalization in order to continue the stable growth and sustainable development of NABO."

National Assembly Budget Office held the Grand Debate on the 2020 Tax Reform Proposal on Monday, November 9th, 2 pm at the Member’s Office Conference Hall to seek proper principles and direction of the examination process of the government and assemblyman’s tax reform proposal by the National Assembly.

The opening ceremony consisted of congratulatory remarks by Yoon Huduk. Professor Choi Byungho of Pusan National University hosted the debate.

The first presentation was given by Lim Jaehyun, the head of the Tax and Customs Office for Ministry of Economy and Finance, elaborating on the main characteristics and details of the 2020 tax reform bill including “Recover from the damage caused by COVID-19 and revitalize the economy”, “Promote inclusiveness and reinforce mutual growth and fairness”, and “Rationalize the tax system and create a taxpayer friendly environment.”
Park Myungho, Assistant Chief for Estimates and Tax Analysis Department of NABO delivered the key presentation of the second topic and evaluated that this year's tax law reform was designed focusing on the response to the ripple effect of COVID-19. He also added that finding ways to improve the efficiency of fiscal management is required.
In the debate that followed, the Vice Chair of National Assembly’s Strategy and Finance Committee Koh Yongjin (Democratic Party of Korea), positively evaluated the government’s tax law reform plan. However, he pointed out that a comprehensive review is required for the tax imposed on deemed dividends of excessive retained earnings for corporations where more than 80 percent of shares are held by one shareholder or related parties. He also added that it is necessary to address the issues such as the tax credit for SOC investment funds which benefits the high-income earners.

Yoo Sungkull, the Vice Chairman of National Assembly's Strategy and Finance Committee (People Power Party) expressed his concern about the increase in total revenue compared to the in...

The National Assembly Budget Office, held the Grand Debate on the 2021 Budget Proposal on Wednesday, October 28th 2pm at the Member’s Office Conference Hall to seek for proper direction of the examination process of the government budget proposal by the National Assembly.
The opening ceremony consisted of words of encouragement by Park Byeongseug, the Speaker of the National Assembly, and a congratulatory address by Kim Jaewon, the Chairman of the Special Committee on Budget and Accounts. The president of the University of Ulsan hosted the debate.
Ahn Dogeol, Director General of the Budget Office at the Ministry of Economy and Finance delivered a key presentation for the first topic. Regarding the budget proposal for 2021, which increased by 8.5% from the previous year, he emphasized, “There is concern about fiscal soundness such as government debt, but we have made efforts to minimize economic damage caused by COVID-19 and secure future growth engines.” The key presentation of the second topic was given by Kim Il-kwon, Assistant Chief for Budget Analysis at NABO who positively evaluated the government’s direction of the expansionary fiscal management because the active role of national finance is important in a crisis. He added, “To create a virtuous fiscal circle, maximizing the efficiency of the fiscal project is required.” Park Honggeun, the executive member of the Democratic Party of the National Assembly's Special Committee on Budget and Settlement supported the idea of expansionary fiscal management and insisted that the fiscal response to the economy is necessary even if the country has to bear a temporary debt increase, adding that it is the best way to reduce the burden of future generations. Choo Kyungho (People Power Party), the Senior Staff Director of the National Assembly's Special Committee on Budget and Settlement agrees that an active fiscal role is required in this particular period, but stressed that expenditure should be made where it is nee...

The National Assembly Budget Office held the Fiscal-Economy Joint Academic Conference in celebration for the opening of the 21st National Assembly under the theme of “Diagnosing Korean economy and the direction of fiscal policy” on Thursday July 16th, 2020, at the Member’s Office Conference Hall.

It is the first academic conference NABO held jointly with the Korean Economic Association, the Korean Academic Society of Taxation, the Korean Association of Public Finance, the Korean Association for Policy Studies, and the Korean Association for Public Administration. The conference aims to serve as a venue to seek ways to restore economic vitality and come up with policies that increase financial efficiency and sustainability.

The conference began with the words of encouragement by Park Byeong-seug, Speaker of the National Assembly, welcoming remarks by Lee In-ho, president of the Korean Economic Association, and opening remarks by Lee Jong-hoo, Chief of NABO.

In his words of encouragement, Speaker Park Byeong-seug pointed out that “the recent global economy has a lot of difficulties such as the continuous decline in potential growth rate and the economic downturn caused by COVID-19 pandemic”. He also added, “I look forward to this conference becoming a compass in the era of uncertainty.”
Following the opening ceremony, three sessions were conducted in sequence: “Restructuring and Response Strategy of the Korean Economy”, “Direction of Administrative and Fiscal Reform” and “Direction of Fiscal and Tax Policy”. In each session, the panels actively debated on the issues that need to be discussed in the newly launched National Assembly: Korean economy's structural changes and sustainable growth strategies, fiscal expenditures and restructuring plans of public institutions, the direction of fiscal policy to overcome the COVID-19 crisis, fiscal projections for the 4 major public pensions, and tax reforms in 4th Industrial Revolution and the economic transition ...