S. Korea's gross revenue falls 10.9 tln won short of forecast: ministry
Published : 2014-02-10 15:13
Updated : 2014-02-10 15:37
South Korea's gross revenue fell about 11 trillion won ($10.2 billion) short of the government's expectations last year, the finance ministry said Monday, indicating that the prolonged economic slump and tough business conditions led to less tax collection.
According to the ministry, which closed its books on gross revenue and expenditures for the fiscal year 2013 on Monday, the gross revenue that the government brought in last year came to 292.9 trillion won. This is 10.9 trillion won shy of what the government expected when drawing up its budget for 2013, the ministry said.
The shortfalls came mostly from a less-than-expected amount of tax collection amid a prolonged economic slump.
The ministry said that the national tax revenue last year came to 201.9 trillion won, which is 8.5 trillion won smaller than the government's expectation. Corporate and income taxes were also 2.1 trillion won and 2 trillion won short of its forecasts.
The ministry added that the country's gross expenditures totaled 286.4 trillion won last year, which represented 91.9 percent of the government's earlier budget plan to spend 311.8 trillion won.
Based on the figures, the surplus came to about 6.5 trillion won. Excluding the carry-over budget, which was moved to the following year, the government posted an annual income deficit of about 800 billion won last year.
The ministry said that the amount of the "not-used" budget -- money set aside for some business but not used due to either lack of budget or feasibility -- soared last year to 18.1 trillion won from the previous year's 5.7 trillion won.
The rise is mainly attributable to less tax collection last year, which made it hard for the government to carry out its spending plans, the ministry explained. (Yonhap)