Hapcheon-gun Secures 329.3 Billion Won in Local Allocation Tax for Next Year... Largest Ever

Increased by 66.7 Billion Won Compared to This Year... Positive Signal for Local Issue Projects

Hapcheon County Office building.

[Asia Economy Yeongnam Reporting Headquarters Reporter Choi Soon-kyung] Hapcheon-gun, Gyeongnam Province, has secured the largest amount of local allocation tax in history.

Hapcheon-gun announced on the 4th that it received prior notification from the Ministry of the Interior and Safety of the largest-ever local allocation tax for the 2022 fiscal year, amounting to 329.3 billion KRW based on the initial budget (297 billion KRW in general allocation tax and 32.3 billion KRW in real estate allocation tax).

This represents an increase of 66.7 billion KRW, or 25.4%, compared to last year, signaling a green light for securing funds for key regional projects. This achievement was made by actively reflecting the data for allocation tax calculation through diligent collection and management of various statistical data over the past year.

County Governor Moon Jun-hee stated, “With the securing of the largest local allocation tax in history, we plan to invest intensively in pending projects and improving living conditions for residents that could not be resolved due to the prolonged COVID-19 response.” He added, “We will continue to devote all efforts to stable income compensation, securing future agricultural competitiveness, and building a safe and clean Hapcheon.”

The local allocation tax is a tax system established by the government to adjust the uneven financial capabilities among local governments. It uses 19.24% of domestic taxes as the total resource and, unlike national subsidies, is an autonomous revenue source that local governments can use freely without restrictions on its purpose.

This content was produced with the assistance of AI translation services.