DPK to push for windfall tax for banks, refiners

Rep. Lee Jae-myung, left, the chairman of the main opposition Democratic Party of Korea, speaks in a party leadership meeting held at the National Assembly in Seoul, Nov. 10. Yonhap

The main opposition Democratic Party of Korea (DPK) 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 DPK, 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. (Yonhap)