South Korea to Use Excess Tax Revenue for Oil Shock Extra Budget

South Korea will use extra tax revenue to fund a supplementary budget to cushion households and businesses from surging oil prices triggered by the Iran war, the nation’s finance minister said.

“The government’s top priority right now is responding to the Middle East situation in the short term, while reducing Korea’s structural dependence on oil over the medium to long term,” Koo Yun Cheol told Bloomberg TV in an interview in Tokyo on Friday.