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's Ministry of Planning and Budget is preparing to unveil a record-setting budget of over $578 billion for the upcoming fiscal year, according to government insiders. This projected budget, which would represent a more than 10 percent increase from this year's initial budget of 729.9 trillion won, is being hailed as the country's first "super budget" since 2009.
The significant spending boost is primarily driven by a surge in corporate tax receipts resulting from the booming semiconductor industry, as well as higher transaction tax revenues due to a strong stock market. The Ministry of Finance had earlier predicted that national tax revenue would exceed 600 trillion won, with potential future tax receipts surpassing 500 trillion won.
The Ministry of Planning and Budget is in the final stages of preparing the detailed budget proposal, signaling a substantial shift in government spending priorities.
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- Korea set to draw up 'super budget' of over $578 bil. on chip boom koreatimes.co.kr
