Yoon dubs 2023 as year to begin reforms

Dec 22, 2022, 09:30 am

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President Yoon Suk-yeol speaks at the inaugural meeting of the public economy advisory committee at the presidential office in Seoul on Dec. 21, 2022./ Source: Pool photo

AsiaToday reporter Kim Na-ri

President Yoon Suk-yeol announced that he would speed up labor reform first in the New Year briefing on Wednesday, saying, “2023 will be the first year to begin reforms.”

At the inaugural meeting of the public economy advisory committee at the presidential office, Yoon said, “Even if labor, education and pensions reforms are not popular, we need to do our best for the future of our country and future generations.”

The president also expressed his will to overcome the economic crisis next year, focusing on exports and startups. “I hope that the Ministry of Finance and Economy will play a pivotal role in supporting ventures and startups so that our generation can take on exciting challenges in the future. Also, I hope that we will break through our difficult economic conditions with the two axes of export drive and startup Korea,” Yoon said.

“It was a briefing that reflected President Yoon’s will to find a way to revive the economy with the export power by using the crisis as an opportunity while taking 2023 as the year to begin the three major reforms,” Kim Eun-hye, senior presidential secretary for press affairs, said, picking crisis, export, future, the common people and reform as the five keywords for the briefing.

During the meeting, the president said he would pursue active tax reductions such as corporate tax cuts and heavy taxation relief for multiple homeowners.

“People who dealt with real estate issues ideologically in the past would think that it is ethically right to impose heavy taxation on multiple homeowners, but they prefer leasing in a situation with high interest rate. The rental volume eventually comes from multiple homeowners. Therefore, if heavy taxation is imposed, the tax is passed on to the lessee, raising the burden of housing costs,” he said. “From a realistic level, this tax burden should be significantly alleviated to reduce the housing cost burden. Tax reduction should be pursued more actively next year.”

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