Finance Minister Choi Sang-mok apologized to the public for the tax revenue shortfalls that have occurred annually in the four years since the COVID-19 pandemic.

At a parliamentary standing committee session Thursday, Choi said that by the latest estimate, this year's tax revenue should total 337-point-seven trillion won, or around 254 billion U.S. dollars, a shortfall of 29-point-six trillion won against the annual budget.

The minister pledged to overhaul the forecasting process and to share as much information as possible about how the government calculates its tax revenue estimates.

He also vowed to maintain fiscal sustainability and devote all available resources to ensure that the parliament-approved budget is implemented without disruptions.