Sejong-si Secures 125.7 Billion Won in General Grants This Year

[Asia Economy (Sejong) Reporter Jeong Il-woong] Sejong City secured 125.7 billion KRW in ordinary local allocation tax this year.

According to the city on the 3rd, the ordinary local allocation tax secured this year increased by 42 billion KRW compared to last year's 83.7 billion KRW, marking a recovery to the 100 billion KRW level for the first time in seven years since the sharp decline in 2017 (72.6 billion KRW), which is significant.

The ordinary local allocation tax is classified as general funds allocated for local government administrative operating expenses, amounting to 97% of 19.24% of domestic taxes according to the Local Allocation Tax Act.

By securing over 100 billion KRW in ordinary local allocation tax this year, the city expects to strengthen its policy efforts to develop Sejong as a future strategic capital.

Choi Min-ho, Mayor of Sejong City, said, “It appears that the government significantly increased the ordinary local allocation tax in consideration of Sejong’s unique circumstances such as urban growth, future strategy, and administrative capital,” adding, “The city expects that securing the ordinary local allocation tax will greatly help local finances, which are anticipated to face difficulties due to the economic downturn.”