General Grants Tax Increased by 177.7 Billion Won, Up 62.5% from Previous Year
[Asia Economy Yeongnam Reporting Headquarters Reporter Kim Yong-woo] Gumi City, Gyeongbuk Province (Mayor Kim Jang-ho) has secured a record high local allocation tax of 479.4 billion KRW this year (ordinary allocation tax 461.8 billion KRW, real estate allocation tax 17.6 billion KRW).
The amount of ordinary allocation tax secured by Gumi City, 461.8 billion KRW, is a 62.5% (177.7 billion KRW) increase compared to 284.1 billion KRW in 2022. It is by far the highest growth rate in Gyeongbuk Province during the 8th local government term. The average growth rate for the entire Gyeongbuk Province is 21.4%.
Gumi City is evaluated to have achieved this result through active efforts such as multiple visits to government ministries after Mayor Kim Jang-ho took office to discuss current issues and propose improvements to the calculation index system favorable to Gumi, the largest inland export city.
Regarding the adjustment of industrial complex demand proposed by Gumi City, the enforcement regulations were revised to additionally reflect industrial economic expenses for improving industrial complex infrastructure, and this was reflected in the 2023 allocation tax calculation.
The amount of ordinary allocation tax distributed to Gumi City once decreased to 54.3 billion KRW but increased significantly after entering the 100 billion KRW range starting from 109.9 billion KRW in 2019, reaching 148.1 billion KRW in 2021, 284.1 billion KRW in 2022, and 461.8 billion KRW this year.
Mayor Kim Jang-ho of Gumi City said, “Based on the secured budget this time, we will do our utmost to promote the key projects of the 8th local government term and continue to focus on securing allocation tax by increasing the city’s financial demand and discovering favorable indicators for Gumi.”
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