Go to Contents Go to Navigation

N.K. paper calls for raise in tax revenue

All News 16:31 April 21, 2020

SEOUL, April 21 (Yonhap) -- A North Korean newspaper on Tuesday called on the country to collect more tax revenue to deal with financial pressure amid crippling global sanctions.

The North's Cabinet newspaper, Minju Joson, urged for an increase in revenue collected from the people, stressing that it will be used to develop the economy and national defense, and to improve the livelihood of the people.

"(People) must fulfill their obligation to pay for the country's revenues and the revenues must be used efficiently according to regulation by carrying out tasks so that the national budget is executed thoroughly in every aspect and level," the paper said in an editorial.

"We must increase revenue by expanding commercial facilities and business and carrying out various business activities," the paper said, calling on factories and businesses to fulfill their tax obligations.

During a session of the Supreme People's Assembly (SPA) in Pyongyang, North Korea predicted that its revenue will grow 4.2 percent on-year this year, according to state media.

The North needs to boost the domestic economy and earn hard currency from outside through tourism or trade in order to expand the country's revenue.

Observers say North Korea is faced with challenges as measures against the coronavirus, including border controls with its largest trading partner China, have dealt a blow to the economy that has long been faltering under sanctions.

Although North Korea has not reported any cases of the virus, speculation persists it might be concealing an outbreak that is possibly spiraling out of control.

julesyi@yna.co.kr
(END)

Keywords
HOME TOP
Send Feedback
How can we improve?
Thanks for your feedback!