Three Special Purpose Taxes to be Abolished

The government announced their decision to abolish designated taxes including education tax, traffic tax, and taxes imposed on fishing and agrarian villages. The new system will start from the year 2000 but the government did not reveal how they will compensate the shortage in the budget. Further staff meetings will determine ways to allocate funds from the budget to the projects related to education, traffic, and fishing and agrarian fields with top priority.
The government will bring the revision bill to the National Assembly via the National Council. If the National Assembly passes the revision, three designated 'purpose' taxes will disappear from 2000. The total sum of the taxes revenue is expected to reach 13.4 trillion won; 5.2 trillion won education tax, 7.1 trillion won traffic tax, and 1.1 trillion won tax for fishing and agrarian villages. This is 20% of the entire tax collected by the government on the national level.