President Moon: "Excess Tax Revenue Regrettable but Fortunate... Exploring Support Measures for Small Business Owners" (Comprehensive)

[Image source=Yonhap News]

[Asia Economy Reporter Lee Ji-eun] President Moon Jae-in addressed the occurrence of excess tax revenue on the 13th, expressing that it was "regrettable," but also instructed to devise support measures for small business owners using the excess tax revenue.

On the day, President Moon said, "It is regrettable that there was an error in the tax revenue forecast, but it is a result of the economy being revitalized through corporate performance, exports and imports, and employment, and it is fortunate that there is capacity to support small business owners and self-employed individuals."

He also relatedly instructed, "Quickly devise measures to alleviate the difficulties faced by small business owners and self-employed individuals due to the prolonged quarantine by utilizing the excess tax revenue, which increased more than expected."

According to the Ministry of Economy and Finance on the day, national tax revenue up to November last year amounted to 323.4 trillion won, which was 9.1 trillion won more than the government's estimate. Including the excess tax revenue as of December, the excess tax revenue based on last year's original budget is expected to reach 60 trillion won.

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