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Rival Parties Agree to Retain Extra Budget Size at 11.7 Tln Won

Written: 2020-03-17 15:08:08Updated: 2020-03-17 15:32:04

Rival Parties Agree to Retain Extra Budget Size at 11.7 Tln Won

Photo : YONHAP News

The ruling Democratic Party, main opposition United Future Party and minor Public Livelihood Party have agreed to keep the government’s eleven-point-seven trillion won extra budget plan intact to combat the COVID-19 outbreak.

Senior lawmakers of the three parties who are members of the National Assembly’s Special Committee on Budget and Accounts reached the agreement on Tuesday following a meeting.  

While keeping the size of the budget unchanged, the lawmakers decided to expand the amount of support for Daegu and North Gyeongsang Province by around one trillion won through reduced spending on other projects.  

In line with the latest agreement, a full session of the Special Committee on Budget and Accounts is set to open at 10 p.m. Tuesday, followed by a plenary session at 11 p.m.  

Meanwhile, senior lawmakers on the Strategy and Finance Committee agreed to pass a revised bill providing tax breaks to small firms and small business owners in special disaster zones in a bid to lessen the economic blow resulting from the coronavirus crisis. 

Under the bill, eligible businesses in Daegu as well as Gyeongsan City, Bonghwa County and Cheongdo County will get significant income and corporate tax cuts this year.

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