Roundup: S. Korean president's approval rating plunges on tax burden

South Korean President Park Geun-hye 's approval rating has declined to the lowest since her inauguration, as the revised tax code provoked a public anger over the Park administration after a hike in tobacco prices.

Park's approval rating fell 3.8 percentage points from a week earlier to 39.4 percent in the second week of January, marking the lowest since she took office in February 2013, according to a pollster Realmeter.

Finance Minister Choi Kyung-hwan held an unscheduled press conference Tuesday to explain the revised tax code, claiming that it will reduce tax burden for low-income bracket while increasing those for high-salary class.

Despite his explanation, public fury remained as the year-end tax adjustment drove many middle-income earners to pay additional taxes.

The finance ministry changed the way of the year-end tax adjustment, called a year-end bonus before, last year in its regular tax code revision, from income deduction to tax deduction. It actually increased tax burden for people, especially middle- income earners.

Choi told reporters that he will consider complementing the tax code later this year after ending the year-end tax adjustment in March.

The tax adjustment has been called a "year-end bonus" as wage earners get tax return early in the next year after paying more tax a year earlier without income or tax deductions considered.

Many of local media and opposition lawmakers criticized the government for raising tax burden, calling it a "year-end tax bomb. "

Public anger escalated further on reduced burden for corporate tax, the rate of which was lowered under the Lee Myung-bak administration.

According to the parliamentary budget office, the government's tax revenue from companies reduced 37.2 trillion won (34.2 billion U.S. dollars) for five years from 2009 when the lower corporate tax came into force.

Among the total, the 27.8 trillion won tax reduction belonged to big corporations, with the remaining 9.4 trillion won benefiting small companies.

Park's popularity continued to fall since a political scandal was reported by a local newspaper Segye Ilbo over her former aide intervening in state affairs though he has no official position in the government.

Park's support rate was 50.0 percent in the third week of November 2014, a week before the scandal occurred. It was 10.6 percentage points higher than 39.4 percent in the second week of January.

Gallup Korea's poll showed that Park's approval rating tumbled from 44 percent in the third week of November to 35 percent in the second week of January.

The declining popularity may endanger Park's push for economic policies, which she spent most of one and a half hours in talking about during her third-year New Year's press conference on Jan. 12.

After the press conference, most of local media reported mainly on Park's remarks about the political scandal and the reshuffling of her presidential aides, publishing little reports on her economic drive.

More threatening to the Park administration would be less popularity among the elderly living in the southeastern South Korean regions, Park's political home turf.

It may come as the government raised tobacco prices by a whopping 80 percent on average to 4,500 won a pack, raising burden for living expenses especially among middle and low-income brackets.

Finance Minister Choi Kyung-hwan and Health Minister Moon Hyung- pyo said during the meeting with President Park Tuesday in the presidential office that they quitted smoking from the new year. In response, Park encouraged them to renew their initial will every three days to succeed in quitting smoking.

A series of unpopular policy came as there would be no nationwide election in the country until April 2016 when general elections are scheduled to be held. In late 2017, a presidential election will be held. Endi