Kim In-ho, Chair of Seoul Metropolitan Council, "Universal Disaster Relief Payments Should Be Made Using Seoul City's Excess Tax Revenue"

"Approximately 1.2 Trillion of the 3.8 Trillion Excess Market Revenue Collected Last Year Usable"

[Asia Economy Reporter Lim Cheol-young] Kim In-ho, chairman of the Seoul Metropolitan Council, argued that universal disaster relief funds should be provided through Seoul's excess tax revenue.

On the 5th, Chairman Kim stated that the tax revenue collected by Seoul in 2020 far exceeded expectations, confirming that there is sufficient financial capacity to provide universal disaster relief funds to all Seoul citizens.

Chairman Kim explained, "According to the preliminary settlement details of the 2020 tax revenue collection, the excess tax revenue is approximately 3.8 trillion won. Even after excluding statutory transfers to the Seoul Metropolitan Office of Education and 25 autonomous districts, it is expected that more than 1.2 trillion won remains as excess." He added, "The reason for the high tax revenue last year was due to a significant increase in several items such as real estate acquisition tax and automobile tax compared to 2019."

He also believed that it would be possible to provide 100,000 won per person to Seoul citizens as universal disaster relief funds. Chairman Kim said, "The excess tax revenue in Seoul exceeds 3.8 trillion won, and even after statutory transfers to the Seoul Metropolitan Office of Education and autonomous districts, more than 1.2 trillion won remains. Assuming universal disaster relief funds of 100,000 won per Seoul citizen, the required budget is about 1 trillion won, which can be sufficiently covered by the excess tax revenue."

The Seoul Metropolitan Government holds the position that universal disaster relief funds are difficult considering financial capacity. Regarding this, Chairman Kim expressed, "It is regrettable that Seoul continues to avoid even starting discussions on providing universal disaster relief funds by using financial burden as an excuse," emphasizing, "Instead of continuing selective support, citizens should be comforted through universal support, and a more active stimulus should be given to the local economy."

Regarding the payment method, he proposed distributing local currency such as Seoul Love Gift Certificates and encouraging short-term consumption. Chairman Kim urged, "If payments are made through local currencies like Seoul Love Gift Certificates and limited to short-term use, it will directly help revive the neighborhood economy. If there is a surplus of tax revenue collected from citizens, Seoul should immediately decide to provide universal disaster relief funds."