Opposition-controlled Korean Parliament passes slashed $470 bn budget

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Opposition-controlled Korean Parliament passes slashed $470 bn budget - Korea Economic Daily

Quick Summary:

South Korea's opposition-controlled National Assembly on Tuesday passed a government budget bill for 2025, slashed from the government's proposal amid resistance from the ruling People Power Party.

The 300-member Parliament voted 183-94 to pass a 673.3 trillion won ($470 billion) budget for next year, which was cut by the main opposition Democratic Party from the government's proposed 677.4 trillion won.

However, amendments to the Inheritance and Gift Tax Act proposed by the government and ruling party, which include lowering the inheritance tax’s upper limit to 40% from the current 50% and abolishing the 20% premium for majority shareholders, were rejected by the Democratic Party and other minor opposition parties.