Last year, national tax revenue increased by more than 50 trillion won from a year ago, but the national budget deficit reached a record high of 120 trillion won.
Out of taxes left over from spending, only 1 trillion won was paid off the national debt.
The government announced today that it has deliberated and decided on the “2022 Fiscal Year National Accounts Report” containing these contents at the cabinet meeting.
According to the settlement report, total tax revenue last year was 573.9 trillion won, an increase of 49.8 trillion won from the previous year.
Total expenditure was KRW 559.7 trillion, an increase of KRW 62.8 trillion from the previous year.
Last year, the consolidated fiscal balance, which is total revenue minus total expenditure, recorded a deficit of 64.6 trillion won.
The managed fiscal balance, which shows the government’s actual financial status by deducting four major security funds such as the national pension from the consolidated fiscal balance, also showed a deficit of 117 trillion won.
As a result, the management financial deficit exceeded 112 trillion won in the 2020 fiscal year, the first year of the Corona 19 crisis, and changed the record to a record high.
Even though taxes were collected by more than 50 trillion won more than a year ago, the country’s livelihood has deteriorated.
This is interpreted as the fact that the government focused on increasing spending rather than repaying debt even following securing enormous tax revenue, and there was tens of trillions of won in cash support through the supplementary budget in May of last year, immediately following its launch.
The world surplus, which is the amount remaining following spending taxes collected last year, was tallied at 9.1 trillion won, of which only 1.2 trillion won was paid for debt.
The unspent amount from last year’s budget was 12.9 trillion won, the largest amount in eight years since 17.5 trillion won in 2014.
However, the government explained that, excluding special circumstances such as the reduction of local subsidy taxes due to the decrease in comprehensive real estate tax and the end of the Corona 19 response project, the actual amount of unused amount is around 5 trillion won.
