▲ Rep. Lee Jae-myung (L), the chairman of the main opposition Democratic Party, speaks in a party leadership meeting held at the National Assembly in Seoul on Nov. 10, 2023. (Yonhap)

DP leader-windfall tax

DP to push for windfall tax for banks, refiners

SEOUL, Nov. 10 (Yonhap) -- The main opposition Democratic Party (DP) will push to introduce a windfall tax for banks and refiners reaping record profits due to hikes in oil prices and interest rates, party leader Lee Jae-myung said Friday.

A windfall tax is a one-time surtax imposed on companies deemed to have made unreasonably high profits.

Lee, chairman of the DP, made the suggestion at a party meeting, noting countries like the United States and Italy already levy such one-off taxes on energy firms.

"We need to improve the livelihood of people suffering from high interest rates with windfall tax revenues, or contributions from banks," he said.

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