Next year's budget bill passed the National Assembly amid a lengthy confrontation between the ruling and opposition parties, more than three weeks past the legal deadline.



The National Assembly passed the 2023 budget bill worth 638,727.6 billion won at a plenary session held at dawn today (24th).



Of the 273 members of the National Assembly, 251 voted in favor of next year's budget amendment, 4 opposed, and 18 abstained.



Next year's budget bill passed by the National Assembly is about 300 billion won less than the original government bill.



The passed budget amendment increased about 3.9 trillion won, but also reduced about 4.2 trillion won.



It is the first time in three years since the 2020 budget bill that total expenditures turned to a net decrease during the National Assembly review process.



The 2023 budget bill was processed 22 days after the deadline stipulated in the constitution, the latest since 2014 when the National Assembly Advancement Act came into force.



The ruling and opposition parties reached an agreement on the 22nd after continuing a tense confrontation over budget issues such as the establishment of the Ministry of Public Administration and Security Police Department, local currency and rental housing at the budget review stage.



The budget for the Police Department of the Ministry of Public Administration and Security and the Personnel Information Management Team of the Ministry of Justice was reduced by 50% from the original 510 million won.



A budget of 352.5 billion won for local love gift certificates, which was called the Lee Jae-myeong-pyo budget, and a budget of 663 billion won for public rental housing were also included.



In addition, a special account for support for higher education and lifelong education of KRW 9.7 trillion was established, and KRW 21.3 billion of safety investment related to the Itaewon disaster was also reflected in the budget.



The amendment to the corporate tax law, a bill accompanying the budget, also passed the National Assembly and cut the corporate tax rate by 1%p in all sections of the tax base.



(Photo = Yonhap News)