Lee to preside over Cabinet meeting on 2027 government budget proposal
President Lee Jae Myung was set to preside over a Cabinet meeting Tuesday to review and approve the government's budget proposal for next year. The Lee government is seeking to draw up a budget exceeding 800 trillion won ($584.1 billion) for next year, up 10 percent or more from this year, amid expectations of increased tax revenue stemming from a semiconductor boom. By law, the government is…
President Lee Jae Myung is scheduled to chair a Cabinet meeting on Tuesday to review and approve the government's budget proposal for the upcoming year. The Lee administration is aiming to draft a budget surpassing 800 trillion won ($584.1 billion), representing a 10 percent or greater increase from the current year. This projected increase is anticipated due to the surge in tax revenue expected from a burgeoning semiconductor sector.
According to the law, the government must submit its budget proposal to the National Assembly at least 120 days prior to the start of the new year, which means the deadline has passed on Thursday. The budget proposal must also undergo a Cabinet review and presidential approval before it can be submitted. Upon submission to the National Assembly, lawmakers are anticipated to finalize the bill by December after undergoing adjustments through a review process.
Brief written by urgent.news from The Korea Times's own syndicated text. Machine-written — may contain errors; check the original before relying on it.
