Chairman Cho "Perceived economic recovery is slow... The role of tax policy is to restore a virtuous cycle"

(Seoul = Yonhap News) Reporter Oh Gyu-jin = National Assembly Speaker Cho Jung-sik said on the 9th in relation to the review of next year's tax law amendment, "Restoring a virtuous cycle in the economy is literally the role of tax policy."

Chairman Cho said this in an encouraging speech at the National Assembly Budget Office's debate on the annual tax law amendment at the National Assembly on this day, saying, "Macroeconomic indicators are improving, but the economic recovery felt by the people is still slow and the warmth is not spread evenly."

He emphasized, "The tax law amendment contains two directions: expanding support for strategic industries and capital markets, stabilizing people's livelihoods, and revitalizing the local economy," and added, "I hope that we can simultaneously promote tax fairness and financial stability while reducing the tax burden on young people, ordinary people, and small business owners."

In particular, Chairman Cho mentioned the establishment of a new tax credit for domestic production, saying, "It will be a priming water to protect our manufacturing industry base and create domestic investment and jobs in a situation where competition for global technological hegemony is intensifying."

Cho Seung-rae, chairman of the National Assembly's Finance and Economic Planning Committee, also said in his congratulatory address, "Tax policy cannot be effective with tax policy alone," and "(during the review process) we will try to consider the consistency with industrial policy or sector policy."

Chairman Cho added, "Although there is a large difference of opinion between the ruling and opposition parties in the National Assembly, I will do my best together with (Democratic Party of Korea) Oh Ki-hyung and (People Power Party) Secretary Bae Jun-young to come up with a good plan that reaches consensus from the public's perspective and unifies opinions."