Cho Jungsik: "Economic Recovery Still Slow for the Public... Restoring a Virtuous Economic Cycle Is the Role of Tax Policy"

National Assembly Speaker Cho Jungsik said on Monday, regarding the review of next year's tax law amendments, that "restoring a virtuous cycle in the economy is, quite literally, the role of tax policy."

National Assembly Speaker Cho Jungsik delivers opening remarks at the opening ceremony of the 2026 National Assembly Legislative Expo, held on the Central Lawn Plaza of the National Assembly on the 5th. Yonhap News Agency

Speaker Cho made the remarks at a forum on tax law amendments hosted by the National Assembly Budget Office at the National Assembly on Monday. In his words of encouragement, he said, "Macroeconomic indicators are improving, but the economic recovery is still slow from the public's perspective, and its benefits are not being felt evenly."

Speaker Cho cited expanded support for strategic industries and capital markets, along with stabilizing livelihoods and revitalizing local economies, as the main priorities for next year's tax law amendments. He stressed, "I hope we can ease the tax burden on young people, ordinary citizens, and small business owners while pursuing both tax equity and fiscal stability."

In particular, regarding the introduction of a tax credit for domestic production, he said it "will help safeguard the foundation of our manufacturing industry amid intensifying global competition for technological supremacy, and serve as a catalyst for domestic investment and job creation."

Cho Seungrae, chair of the National Assembly's Planning and Finance Committee, also said that the committee would consider how the tax law amendments align with industrial policy during the review process.

In his congratulatory remarks, Chair Cho said, "Tax policy cannot be effective on its own," adding, "During the review, we will also examine its consistency with industrial policy and sector-specific policies."

He added, "Although there are wide differences of opinion between the ruling and opposition parties in the National Assembly, I will do my best, together with O Gihyeong of the Democratic Party of Korea and Bae Junyeong of the People Power Party, to reach agreement and build consensus from the public's perspective so that we can develop a good proposal."

This content was produced with the assistance of AI translation services.