The Scorekeeping of Bills Approved in 2024

Published on May 28, 2025
Published by Estimates & Tax Coordination Division

   The scorekeeping of bills aims to understand the fiscal impact of new legislation by estimating changes in the central or local governments' revenues and expenditures over the next five years resulting from the enforcement of bills passed by the National Assembly. In 2024, 133 bills with 285 budget justifications were examined out of 253 budget-related bills passed by the National Assembly, excluding the bills for which fiscal impacts could not be estimated due to a lack of enforcement details or other reasons.
   According to the analysis, the bills passed in 2024 are expected to result in an annual average decrease of KRW 4.806 trillion in revenues and an increase of KRW 5.865 trillion in expenditures from 2025 to 2029. In terms of revenues, the extension of tax expenditure application periods is expected to decrease tax revenues while the extension of the validity period of local education tax and tobacco consumption tax is estimated to increase them, resulting in a combined effect; other revenue impacts include strengthened tax support for corporate investment in advanced technology, marriage, childbirth, and childcare, and micro businesses. In terms of expenditures,a significant impact arises from the extension of the validity period of special accounts to strengthen competitiveness and stabilize the supply chain of materials, components, and the equipment industry; in addition, enhanced support for work-family balance, childbirth and childcare, and carbon reduction and climate crisis response is expected to have further impacts on expenditure.
   These scorekeeping results provide meaningful insights for the country's fiscal management by understanding the fiscal impact of legislation in a changed fiscal environment. However, the results should be interpreted with caution, as discretionary expenditures, uncertain revenue accruals, or items difficult to estimate at the scorekeeping stage are excluded from analysis. Also, it should be noted that there may be a discrepancy between the scorekeeping results and actual budget figures.