President Yoon Suk Yeol said the government will adjust fees and taxes that burden the people and businesses to a "groundbreaking level" that no previous administrations have been able to pursue.
 
During the 23rd Emergency Economic and Public Livelihood Meeting at the Yongsan Presidential Office on Wednesday, Yoon said quasi-taxes are paid unwittingly by the people and he vowed to reduce or abolish such fees.
 
He also announced the government would temporarily suspend the application of 263 regulations that hinder corporate investment and growth.
 
Those include location and facility regulations, building restrictions for semiconductor industrial complexes, and improving foreign employment regulations.
 

Along with the burden reduction measures, Yoon vowed to implement active financial support measures to improve people's livelihoods and help small and medium-sized businesses suffering from high inflation and high interest by spending 42 trillion won, or around 31 billion dollars.