The government announced Wednesday it will expand the amount of tax refunds for low-income households threefold next year to three-point-eight trillion won.

The decision to increase the earned income tax credit(EITC) came during a meeting of economy-related ministers in Seoul on ways to support low-income households. 

The government also decided to ease application qualifications for the EITC, making it possible for some three-point-three million families to get financial help through tax refunds. That is double the number of current beneficiaries. 

To relieve the business burdens of self-employed small business owners, the government will set up an exclusive payment system to lower credit card fees to near zero percent. Customers who use the system will get a 40 percent tax credit as is available in traditional markets. 

The government will also expand by one trillion won the volume of low-interest loans given out to small business owners.