Korea maintains fiscal deficit through Nov. amid sluggish corporate tax revenue

This file photograph reveals the headquarters of Ministry of Financial system and Finance within the central metropolis of Sejong. Yonhap

Korea continued to keep up a fiscal deficit over the primary 11 months of 2024 amid sluggish company tax collections as a result of weak earnings, the finance ministry stated Thursday.

The managed fiscal stability, a key gauge of fiscal well being calculated on stricter phrases, posted a deficit of 81.3 trillion received ($55.6 billion) within the January-November interval, bigger than the shortfall of 64.9 trillion received recorded a yr earlier, based on the Ministry of Financial system and Finance.

Complete income elevated 12.8 trillion received on-year to 542 trillion received through the cited interval, pushed by an increase in non-tax earnings.

Nevertheless, tax income fell 8.5 trillion received to 315.7 trillion received as a result of a pointy lower in company tax collections, attributed to sluggish company efficiency.

Complete expenditures rose 21.5 trillion received on-year to 570.1 trillion received, pushed by the excessive nationwide pension payouts, the info confirmed.

The federal government’s debt reached 1,159.5 trillion received as of the tip of November, up 4.1 trillion received from a month earlier, the info confirmed. (Yonhap)