The National Assembly Budget Office (Chief Dongha Chi) convened the Grand Debate on the 2024 Tax Reform Proposals on Friday, November 8th at 10 a.m. in Conference Room 1 of the Members’ Office Building. The event was specifically designed to discuss major issues and improvement tasks related to tax reform proposals.

In his opening remarks, Chief Dongha Chi emphasized the critical role of tax policy in rejuvenating the Korean economy and establishment a stable fiscal base. He expressed hope that the debate would serve as a constructive platform for exchanging in-depth opinions on tax reform proposals and identifying optimal policy directions.

National Assembly Speaker Wonshik Woo, through a written encouragement speech, highlighted the significance of the tax reform proposals. He stressed that tax revenue serves as a crucial funding source for government policies and expressed his desire that the public’s voice would be faithfully reflected in the legislative process. This sentiment was particularly noteworthy as vice chair-people from both the ruling and opposition parties of the Strategy and Finance Committee participated as discussants.

Rep. Eon-seok Song, chairman of the Strategy and Finance Committee, delivered a congratulatory speech addressing the pressing social structural challenges facing Korea, includinglow birth rates, an aging population, and the ongoing regtional extinction crisis. He emphasized the necessity of developing market-oriented solutions to boost both the economy and people`s livelihoods. As committee chairman, he pledged to diligently review tax reform proposals to establish a more reasonable tax system.

The debate was moderated by Professor Jungsoo Park from the Department of Public Administration at Ewha Womans University. Presentations were delivered byJeonghoon Jeong, Deputy Minister of Tax and Customs for the Ministry of Economy and Finance, and Jiwon Sang, Assistant Chief for Estimation and Tax Analysis at NABO. The discussion panel included Vice Chairpeople of Strategy and Finance Committee, Democratic Party Rep. Tae-ho Jung and People Power Party Rep. Soo-young Park; Rebuilding Korea Party Rep. Gyu-geun Cha, Member of the Strategy and Finance Committee; New Reform Party Rep. Ha-ram Chun, Member of the Strategy and Finance Committee; Professor Hyun-dong Kim from the Department of Business Administration at Pai Chai University; and Professor Woo-chul Kim from the Department of Tax Administration at University of Seoul.Concluding the event, Chief Chi expressed his expectation that the diverse opinions raised during the Grand Debate on 2024 Tax Reform Proposals would prove instrumental in the subsequent deliberations on tax law amendments at the National Assembly.