(1) In order to form efficient tax policies and enhance tax equity and fairness, the Minister of Economy and Finance shall formulate each year a medium and long-term tax policy and administration plan for a period of not less than five years starting from the relevant year (hereinafter referred to as "medium and long-term tax policy and administration plan" in this Article). In such cases, the medium and long-term tax policy and administration plan shall be linked to the national financial management plan under Article 7 of the National Finance Act.
(2) The medium and long-term tax policy and administration plan shall include the followings:
1. Basic directions and objectives of tax policies;
2. Tax policy directions for each main taxable item;
3. Directions for the operation of tax exemption and reduction system;
4. Tax burden ratio;
5. Other matters prescribed by Presidential Decree.
(3) The Minister of Economy and Finance shall hold consultations with the heads of relevant central government agencies when he or she formulates a medium and long-term tax policy and administration plan.
(4) The Minister of Economy and Finance shall report the medium and long-term tax policy and administration plan that has been established to the competent standing committees of the National Assembly.
(5) Matters necessary for the formulation of a medium and long-term tax policy and administration plan, other than those provided for in paragraphs (1) through (4), shall be prescribed by Presidential Decree.[This Article Newly Inserted on Jan. 1, 2014]