Korea set to draw up 'super budget' of over $578 bil. on chip boom
Next year’s budget is projected to top a record 800 trillion won ($578 billion), with national tax revenue expected to exceed 600 trillion won on the back of higher corporate tax receipts fueled by the semiconductor boom, government insiders said Tuesday. They said the Ministry of Planning and Budget is in the final stages of preparing the budget proposal. Last month, the ministry suggested a…
South Korea is set to unveil a record-breaking budget of over $578 billion for next year, driven by the semiconductor industry boom, government officials have announced. The projected budget, expected to surpass the 800 trillion won mark, hinges on heightened corporate tax receipts and a robust stock market, according to insiders familiar with the planning process.
The Ministry of Planning and Budget is reportedly in the final stages of finalizing the budget proposal. Last month, the ministry hinted at a spending increase of at least 10 percent from the current year's initial budget of 729.9 trillion won, suggesting a potential budget exceeding 800 trillion won. This would represent the first double-digit increase in total expenditure since 2009, when spending rose by 10.9 percent amid the global financial crisis.
The overall spending is projected to climb 8.1 percent this year compared to the previous year's initial budget. Tax revenues, a key driver behind the so-called "super budget," are anticipated to exceed 500 trillion won, with national tax revenue expected to surpass 600 trillion won, as previously projected by Budget Minister Park Hong-geun.
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- Korea set to draw up 'super budget' of over $578 bil. on chip boom koreatimes.co.kr
