As of May this year, the management fiscal balance recorded a deficit of 54.2 trillion won. During the same period, central government debt surpassed 1,340 trillion won, increasing by more than 70 trillion won compared to the end of last year.
According to the 'Monthly Fiscal Trends for July' released by the Ministry of Strategy and Finance on July 9, the management fiscal balance for May showed a deficit of 54.2 trillion won, a decrease of 6.8 billion won from the same period last year.
The management fiscal balance is an indicator of the government's actual financial status, calculated by excluding social security fund balances from the consolidated fiscal balance. The consolidated fiscal balance for May recorded a deficit of 23.4 trillion won, while the social security fund balance showed a surplus of 30.8 trillion won.
From January to May, total revenue accumulated to 330 trillion won, an increase of 50.2 trillion won compared to the previous year. This rise was attributed to a 27.5 trillion won increase in national tax revenue, along with a 15.1 trillion won increase in fund revenue and a 7.6 trillion won increase in non-tax revenue.
National tax revenue increased primarily due to rises in income tax, corporate tax, and value-added tax. The largest increase in tax revenue over the past year was in income tax, which rose by 9 trillion won, followed by value-added tax at 4.5 trillion won, securities transaction tax at 4.1 trillion won, and corporate tax at 3.9 trillion won.
A representative from the Ministry of Strategy and Finance stated, "The increase in performance bonuses has led to a rise in labor income tax, and the increase in real estate transactions has also boosted capital gains tax. Additionally, improved corporate performance due to favorable semiconductor conditions has enhanced corporate tax revenue compared to the previous year, and the increase in securities transaction volume has expanded related tax revenue."
As of May, cumulative non-tax revenue reached 20 trillion won, primarily driven by property income (5.7 trillion won) and current transfer income (400 billion won). During the same period, fund revenue was recorded at 105.1 trillion won.
Total expenditure from January to May amounted to 353.3 trillion won, an increase of 38.1 trillion won compared to the previous year, with a progress rate of 46.9% reported.
As of the end of May, central government debt increased by 23.6 trillion won from the previous month, reaching 1,345.2 trillion won. Compared to December of last year, the balance of government bonds increased by 72.6 trillion won, and the balance of foreign exchange stabilization fund bonds rose by 4.7 trillion won. However, the balance of housing bonds decreased by 200 billion won, resulting in a net increase of 77.1 trillion won in central government debt compared to the end of last year.
* This article has been translated by AI.
Copyright ⓒ Aju Press All rights reserved.