Kim Dongyeon Visits Livelihood Coupon Application Center: "Increased Consumption Will Boost Tax Revenue"

Gyeonggi Province Governor Kim Dongyeon dismissed claims from some quarters about a potential tax increase, stating on the first day of receiving applications for the livelihood recovery consumption coupon on the 21st, "If the consumption coupon revitalizes people's livelihoods and boosts consumption, tax revenue will actually increase." He also expressed the view that if the second round of consumption coupons is differentiated based on income level, even greater economic revitalization can be expected.

After inspecting the site at the Woncheon-dong Administrative Welfare Center in Suwon on this day, Governor Kim responded to a reporter's question about negative reactions suggesting that tax burdens could increase due to the distribution of consumption coupons. He said, "This consumption coupon initiative is intended to restore livelihoods and stimulate the economy," and added, "If, through these efforts in such difficult circumstances, we can help people recover and boost consumption, the economy will eventually improve and more tax revenue will be collected."

He further stated, "Since the second round of support can be differentiated according to income level, providing more support to groups with a higher propensity to consume will not only stimulate consumption but also help curb inflation, thereby contributing to economic revitalization, expanding tax revenue, and enhancing fiscal stability." He added, "Such concerns should be put to rest, and people should actively make use of the coupons."

In particular, he said, "The new government has taken the right direction by implementing a supplementary budget in a short period of time to restore livelihoods," and reiterated, "I believe the government has truly chosen the right path, especially by using the livelihood recovery consumption coupon to support those in need and help small business owners and the self-employed."

He went on to say, "I expect that, in future economic policies, the new government will make significant efforts not only for livelihood recovery but also for creating future growth engines and, in the longer term, for improving the structure of our economy."

Regarding the situation on site, Governor Kim said, "I came to check the preparations for the distribution of the livelihood recovery consumption coupon, and I am pleased to see that preparations are thorough and residents have been well informed." He added, "The coupon can be used as a local currency voucher, debit card, or credit card, and I hope residents will make good use of it."

Gyeonggi Province Governor Kim Dongyeon visited the Woncheon-dong Administrative Welfare Center in Suwon on the 21st and explained to an elderly person filling out an application form for the livelihood recovery consumption coupon how to use it. Provided by Gyeonggi Province

He continued, "As governor, I hope that, if possible, people will use the local currency voucher to help revitalize our local economy," explaining, "Using the local currency voucher allows us to more directly support the local economy."

The local currency voucher is a policy from the 7th popularly elected Gyeonggi Province administration that has been further expanded under the 8th administration. Notably, even when the Yoon Suk-yeol administration drastically cut the national budget for local currency from 2.0604 trillion won in 2023 to 826.3 billion won in 2024, Gyeonggi Province increased its own budget for local currency from 2.4941 trillion won to 3.2 trillion won and then to 3.3782 trillion won each year.

Governor Kim said, "Gyeonggi Province has established a Livelihood Support Consumption Coupon Task Force to take responsibility for financial support and address any operational difficulties or effects that may arise in the implementation process." He added, "I hope everyone will actively use the coupons for their intended purpose and join forces to overcome these difficult economic times together."

On this day, Governor Kim noticed an elderly person struggling to fill out the application form and asked an employee at the administrative welfare center, "Is it okay to fill out the form on their behalf, even if it's not handwritten?" After the staff confirmed it was acceptable, he received the person's ID and personally filled in the address section of the application, while also encouraging the staff at the administrative welfare center's service desk.

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