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COVID-19 Support Package

  • DivisionEconomic Policy Bureau - Economic Policy Division
  • DateFebruary 28, 2020
  • Tel0442152730

Government Announces Support Package

to Respond to COVID-19 Outbreak

 

 

Deputy Prime Minister Hong Nam-ki called on February 28 a Ministerial Meeting to discuss ways to respond to the COVID-19 outbreak.  A support package worth more than 20 trillion won was unveiled following the meeting.  Here is a summary of the support package to help get through the COVID-19 outbreak.

 

Support package of over 20 trillion won including supplementary budget

 

- About 4 trillion won including government reserve funds and policy financing to support disease prevention, local governments, imports of manufacturing supplies and small merchants

- About 7 trillion won to provide financial and tax support for families and businesses affected, including 50 percent income tax cuts given to landlords for rent reduction and individual consumption tax cuts for car purchases to boost consumption

- About 9 trillion won of loans, guarantees and investment through financial institutions and public institutions

- Supplementary budget[1] to support local economies, as well as disease control

 

Spending to be made to do the following: 10 aims

 

1) Support a careful and proper disease control and prevention

2) Provide as many as 7 million masks for people in Daegu City and Cheongdo County

3) Promote the lowering of commercial rents by providing landlords with a 50 percent income tax break for the discount in the first half

4) Provide a VAT break for businesses earning 60 million won or less a year

5) Help small merchants and SMEs with their business operation:  Considerably expand the Special Financial Support for Small Merchant and SMEs[2]

6) Provide employment support for businesses hit hard, such as tourism

7) Increase the issuance of local gift certificates this year by 3.5 trillion won to help local economies and traditional markets

8) Give parent employees up to 5 days of childcare leave along with the pay of 50,000 won per day

9) Promote consumption:  Give a 70 percent individual consumption tax cut for car purchases, and a 10 percent refund for the purchases of high energy-efficiency home appliances

10) Promote consumption by issuing discount coupons to be used for purchasing cultural events and farm products, as well as for tourism expenses and paychecks

 

Please refer to the attached pdf

 


[1] Scheduled to be announced next week

[2] Small merchant support from 1.2 trillion won to 4.6 trillion won, and SME support from 0.03 trillion won to 0.63 trillion won

Ministry of Economy and Finance
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