On October 25, Deputy Prime Minister and Minister of Finance Lee Hyung-il held an economic issues meeting to discuss enhancements to the domestic production tax credit and the implementation of three key social policies, according to the Ministry of Finance.
Attendees included Minister of Trade, Industry and Energy Kim Jeong-kwan, Minister of Climate, Energy and Environment Kim Seong-hwan, Minister of Small and Medium Enterprises and Startups Lee So-young, Minister of Planning and Budget Park Hong-geun, and Financial Services Commission Chairman Lee Ok-won.
The domestic production tax credit is a program that reduces taxes based on the quantity of products produced domestically. The government announced plans to establish this program as part of its tax reform proposal released in August.
However, there have been calls to expand the program's scope, which currently focuses on solar and wind power, secondary batteries, semiconductors, key materials, and AI robot components, to include sectors such as electric vehicles that are currently excluded.
Additionally, the government discussed the direction of three key social policies centered on housing, jobs, and financial support for low-income individuals. These policies are part of the government's efforts to alleviate economic polarization and inequality.
Based on the discussions, the Ministry of Finance plans to conduct further consultations with relevant departments and gather opinions before finalizing its policies.
* This article has been translated by AI.
Copyright ⓒ Aju Press All rights reserved.