The Democratic Party of Korea and the government will hold a party-government consultation on the 20th regarding the future response fund.
According to the political community on the 19th, the party and the government will begin consultations on the future response fund at 8 a.m. on the 20th at the National Assembly. Before that, the Ministry of Planning and Budget is expected to unveil the plan to establish the future response fund and the direction for restructuring the education grant.
The future response fund is a resource created to use increased corporate and income taxes, driven by an improvement in the semiconductor sector, for youth, future growth engines, regions, and talent development.
The Ministry of Planning and Budget is preparing a bill to establish the "future response fund," which would invest tax receipts coming in above initial projections due to a semiconductor boom into youth, growth engines, local governments, and talent.
The party-government consultation is expected to focus on this bill. The bill is said to cover how to define the additional tax revenue, where specifically to spend the fund's resources, and how to resolve potential conflicts with the higher-level National Finance Act.