Last Year, National Tax Revenue Collected Over 7 Trillion Won Less Than Previous Year

Ministry of Economy and Finance Publishes "February Fiscal Trends"
Annual Fiscal Balance to Be Announced in April

Last year, national tax revenue decreased by more than 7 trillion won compared to the same period the previous year. This was due to a decline in corporate performance, which led to a reduction in corporate tax revenue.

According to the 'Monthly Fiscal Trends February Issue' published by the Ministry of Economy and Finance on the 13th, last year's national tax revenue was 336.5 trillion won, a decrease of 7.5 trillion won compared to the previous year.

The main reason analyzed is that corporate tax revenue fell by 17.9 trillion won from the previous year due to worsening corporate performance. Customs duties also decreased by 300 billion won compared to the previous year due to reduced import volume and the impact of tariff allocations. Value-added tax increased by 8.5 trillion won, and income tax rose by 1.6 trillion won, respectively.

During the same period, non-tax revenue amounted to 29.6 trillion won, an increase of 1.1 trillion won compared to the previous year. The Ministry of Economy and Finance explained that increases in other current transfer income (400 billion won) and other property interest and non-interest income (400 billion won) contributed to the rise in non-tax revenue.

As of the cumulative total in November last year, the managed fiscal balance deficit reached 81.3 trillion won, an increase of 16.4 trillion won compared to the same period the previous year. As of the end of November, central government debt recorded 1,160.3 trillion won, up 4.1 trillion won from the previous month.

The government announced that the finalized figures for total revenue, total expenditure, fiscal balance, and national debt (central government) as of the end of 2024 will be disclosed during the national settlement announcement in April after the fund settlement process. The amount of treasury bonds issued last month totaled 18.3 trillion won.

Including government bonds for individual investors (100 billion won), the total is 18.4 trillion won. As of the end of January, the 3-year bond yield was 2.573%, and the 5-year bond yield was 2.844%. The Ministry of Economy and Finance explained, "Despite the U.S. Federal Reserve's forecast of a reduced rate cut in 2025, the expectation of additional rate cuts by the Bank of Korea due to concerns over Korea's slowing growth rate and the demand for funds disbursement at the beginning of the year led to a slight decline compared to the previous month."

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