President Moon presides over Cabinet meeting... Deliberates and approves 39 agenda items including next year's budget proposal

[Image source=Yonhap News]

[Asia Economy Reporter Lee Ji-eun] On the morning of the 31st, President Moon Jae-in presided over a Cabinet meeting via video conference at the Blue House and deliberated and resolved a total of 39 agenda items, including the '2022 Budget Proposal.'

At the Cabinet meeting that day, the '2022 Budget Proposal' and the '2022 Fund Operation Plan' were collectively submitted as general agenda items as the last budget of the Moon administration, and after deliberation, they will be submitted to the National Assembly. Earlier, the government formulated next year's budget totaling 604.4 trillion won under the basic directions of ▲ driving recovery, coexistence, and leap forward ▲ completing national tasks ▲ supporting fiscal sustainability.

Additionally, on July 26, the government announced the '2021 Tax Law Amendment Proposal' concerning overcoming the COVID-19 crisis, supporting the transition to a leading economy, and alleviating polarization, and accordingly, 16 tax law amendment proposals including the 'Partial Amendment to the Restriction of Special Taxation Act' were collectively submitted at the Cabinet meeting that day.

'The 'Partial Amendment to the Restriction of Special Taxation Act' aims to significantly raise the tax credit rates for research personnel development expenses and facility investment in three fields: semiconductors, batteries, and vaccines, and to increase the income ceiling for the Earned Income Tax Credit to support low-income earners. Also, the 'Partial Amendment to the Income Tax Act' includes a temporary 5% increase in the donation tax credit rate, and the 'Agricultural and Fishery Chamber Act' contains the legal grounds for the establishment and operation of agricultural and fishery chambers, respectively.

At the Cabinet meeting that day, a presidential decree proposal titled 'Partial Amendment to the Presidential Decree on the Organization of the Ministry of Strategy and Finance and Its Affiliated Agencies for the Efficient Promotion of Youth Policy and Eight Other Organizations' was also deliberated and resolved. Accordingly, dedicated youth policy organizations will be newly established in four ministries, and dedicated personnel will be reinforced in five ministries.

After deliberating on the general agenda items that day, a report was given by the Minister of Health and Welfare on the '2022 Additional COVID-19 Vaccine Procurement Plan.' According to the plan, the total expected amount of COVID-19 vaccines to be secured next year is 170 million doses.

This content was produced with the assistance of AI translation services.