The consolidated fiscal balance recorded a surplus of 20.4 trillion won in the first nine months in a sharp reversal from a deficit of 63.5 trillion won a year earlier, according to the budget ministry’s November fiscal report.
The stretch of 83.9 trillion won ($62.9 billion) was also the largest on record.
The government’s underlying finances nevertheless remained in deficit. The managed fiscal balance, which excludes social security fund surpluses, posted a shortfall of 32 trillion won — the smallest for the period since 2018.
That deficit narrowed by a record 70.5 trillion won from a year earlier as tax collections surged on semiconductor earnings and brisk stock trading.
Total revenue reached 605.4 trillion won through September, up 124.6 trillion won from a year earlier. National tax receipts accounted for most of the increase, rising 95.4 trillion won to 385 trillion won.
Corporate income tax was the biggest driver. Collections stretched 51.9 trillion won to 127.8 trillion won, accounting for more than half the increase in national tax revenue.
September alone brought in 36.2 trillion won in corporate tax, up 23.6 trillion won from a year earlier, reflecting installment payments of interim taxes by semiconductor companies including Samsung Electronics and SK hynix.
The windfall extended beyond corporate profits.
Income tax receipts increased by 15.7 trillion won as larger performance bonuses lifted payroll tax collections and recovering property transactions boosted capital gains taxes. Value-added tax revenue rose 7.4 trillion won on higher imports and private consumption.
Securities transaction tax collections increased by 7.5 trillion won, reflecting heavier trading and the restoration of tax rates. Special rural development tax receipts rose 10.3 trillion won, also supported by increased KOSPI trading.
Non-tax revenue grew by 9.3 trillion won to 34 trillion won, while fund revenue increased by 19.9 trillion won to 186.4 trillion won.
Total expenditure rose by 40.7 trillion won to 584.9 trillion won, equivalent to 77.7 percent of the annual spending plan.
The improvement therefore came primarily from stronger revenue rather than spending cuts. It also shows how the semiconductor boom is strengthening public finances alongside exports and corporate earnings.
Central government debt stood at 1,369.4 trillion won at the end of September, down 2.7 trillion won from August as quarterly government bond repayments exceeded new issuance.
Government bond issuance totaled 16.4 trillion won in October, bringing the January–October total to 196.1 trillion won, or 87.7 percent of the annual issuance ceiling. Foreign investors’ government bond holdings increased by 6.9 trillion won during October.
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