Ministry of Planning and Budget Pushes for Legal Amendments to Establish Future Response Fund

The Ministry of Planning and Budget is pushing for legal amendments to establish a Future Response Fund, which will be used for future growth engines.
A ministry official stated during a regular briefing on July 6, "We intend to create a fund using additional tax revenue and utilize it for mega-projects, youth employment, and resolving polarization," adding, "We plan to determine the specific direction by gathering opinions from relevant ministries and the National Assembly, as legal amendments will be necessary."
To this end, the ministry is expected to pursue the establishment of the fund through amendments to the National Finance Act.
The official explained, "We used the term 'additional tax revenue' because we anticipate that tax revenue will exceed projections for several years due to the semiconductor boom," clarifying that this is a different concept from 'excess tax revenue,' which refers to amounts exceeding the tax revenue forecast for a single fiscal year.
Regarding the possibility of compiling a supplementary budget to utilize this year's additional tax revenue, the official said, "It is not a necessary condition for a supplementary budget," adding, "If an agreement is reached to include relevant provisions in the law, a supplementary budget is not necessarily required."
Yesterday, July 5, Presidential Chief of Staff Kang Hoon-sik officially announced the establishment of the fund, stating, "The Lee Jae-myung administration intends to push for the creation of a Future Response Fund to utilize additional tax revenue as investment resources for future generations."
Chief of Staff Kang added, "In this critical period that will determine the future of the Republic of Korea, we must not waste the additional tax revenue generated by the semiconductor boom."
(Photo: Provided by the Ministry of Planning and Budget, Yonhap News)
※ Please note: This article was translated by AI and may contain errors.