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Supplementary budget of US$ 11.7 bil. to include small business compensation of US$ 2,500
Updated: 2022-01-14 10:28:49 KST
South Korean government is planning an extra budget to support small business owners hit with COVID-19-related restrictions.
The budget will see each eligible business get around 25-hundred U.S. dollars.
Finance Minister Hong Nam-ki said on Friday that the supplementary budget will be 14 trillion won or 11.7 billion U.S. dollars.
Of that amount 8.4 billion U.S. dollars will come from the excess tax revenue from last year.
The minister apologized for such a high amount of excess tax collected and said this was a way to give it back as soon as possible.
The proposal for this budget is expected to be delivered to lawmakers for final approval by end of this month.

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