(News Focus) Gov't to set aside 162 tln won in chip-boom tax 'windfall' for sustainable growth
SEOUL/SEJONG, Sept. 1 (Yonhap) -- The South Korean government on Tuesday unveile...
The South Korean government announced plans to establish a Future Fund to channel tax revenue windfall from the semiconductor boom into sustainable economic growth. The fund, which will be launched next year, will receive an initial 162.3 trillion won (US$117.6 billion) from tax earnings exceeding long-term trends due to structural economic changes or significant fluctuations.
The government aims to prioritize productive spending over one-off expenditures, with the fund allocated to four key areas - youth, growth engines, regional development, and education and talent development. However, some experts argue that the windfall revenue should first be used to improve the country's fiscal health. The fund's management and transparency will be overseen by the government, with parliamentary oversight expected to be strengthened.
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