Goheung-gun Secures Largest Ever Local Allocation Tax of 463.4 Billion Won

Scale increased by 107.8 billion KRW (30.3%) compared to last year... Green light for resolving pending projects

[Goheung=Asia Economy Honam Reporting Headquarters, Reporter Shim Jeong-woo] Goheung-gun, Jeollanam-do, has secured the largest-ever local allocation tax fund of 463.4 billion KRW, achieving not only the 1 trillion KRW budget era set as a goal during the 7th local government term but also gaining greater momentum for promoting regional pending projects.

According to the county, the local allocation tax secured this time amounts to 463.4 billion KRW, including the original allocation for this year and additional settlements, which is an increase of 107.8 billion KRW (30.3%) compared to last year. It consists of 419.4 billion KRW in ordinary allocation tax excluding special allocation tax, and 44 billion KRW in real estate allocation tax.

The local allocation tax is a fund allocated by the Ministry of the Interior and Safety to local governments within the total resource limit of 19.24% of domestic taxes to balance financial capabilities among local governments. Unlike national subsidies and special allocation tax, it is an autonomous fund that local governments can use freely without restrictions on its purpose.

Among these, the local allocation tax, one of the dependent revenues, accounts for more than 50% of Goheung-gun’s revenue budget.

The amount of local allocation tax secured by Goheung-gun has steadily increased within the range of 300 billion KRW since 2017, and this year it achieved the largest scale ever by securing over 400 billion KRW in allocation tax.

The county’s success is largely attributed to thorough investigations and analyses of allocation tax calculation indicators, as well as continuous diligent collection and management of various statistical data, which ensured meticulous management of the basic statistics for allocation tax calculation.

Jeong Ha-yong, Acting Governor of Goheung-gun, said, “With the largest-ever local allocation tax secured for the county’s administration budget, we will continue to prioritize investing resources in realizing the happiness of residents and in regional pending livelihood economy projects.”

Goheung=Asia Economy Honam Reporting Headquarters, Reporter Shim Jeong-woo sevenshim@asiae.co.kr

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