Seoul: The budget ministry announced plans to revise laws to facilitate the creation of a new fund aimed at fostering future growth engines, leveraging additional tax gains from the thriving semiconductor industry. The Ministry of Planning and Budget disclosed this initiative during a regular briefing, emphasizing the allocation of these extra tax gains to the "three megaprojects" initiative, along with efforts to generate youth employment and tackle economic disparity.

According to Yonhap News Agency, the ministry outlined the necessity of revising laws to establish the fund, which will focus on significant investments in the semiconductor sector, physical artificial intelligence (AI), and AI data centers. An official from the budget ministry stated, "We need to revise laws down the road. We aim to set detailed directions by gathering opinions from relevant ministries and the parliament."

The ministry clarified the use of the term "additional tax revenue," distinguishing it from "excess," which pertains to gains exceeding the forecast for a single fiscal year. This approach underscores the strategic allocation of unexpected revenue inflows to support long-term economic projects.

On the previous day, presidential chief of staff Kang Hoon-sik emphasized the importance of utilizing additional tax revenue from the booming semiconductor industry effectively. He noted that these funds should not be squandered but instead directed towards initiatives that promise sustainable economic growth.

Last week, the government introduced the "three megaprojects" initiative, focusing on substantial investments in advanced industries like semiconductors and AI technologies. This strategic move aims to position the country as a leader in these sectors, driving future economic expansion and innovation.