The National Assembly Budget Office (NABO) published FY 2014 Final Accounts Analysis by Ministry in order to support standing committees of the National Assembly and the Special Committee on Budget and Accounts with their review of the government's final accounts for FY 2014. As the review of final accounts is carried out for each ministry, NABO made strenuous efforts to draw up the ministry-specific analysis report in view of its importance. The report has the following characteristics:
First, it offers analyses that are easy-to-understand and succinct so that National Assembly members and their assistants to make immediate use of them.
Second, the Office divides the ministry-specific report into booklets for each standing-committee for the convenience of users.
Third, NABO summarizes the main ideas of area-specific analyses and incorporates them into the ministry-specific analyses.
Fourth, the Office further analyses topics discussed during the budget meeting of FY 2014 so that the National Assembly can make a connection between reviews on planning and closing the accounts.
The report mainly examined 405 projects from 51 ministries and agencies overseen by 15 committees. Key analysis findings are as follows:
First, general accounts of the Ministry of Strategy and Finance receive the funds borrowed through issuance of government bonds by the public money management fund and repay the interest to the fund. For FY 2014, the Ministry deferred the payment of interest for the third and fourth quarters due to the lack of tax revenues. This was an unprecedented incident that may bring severe hardships to future fiscal management.
Second, the Ministry of Trade, Industry and Energy recorded the royalty income from its R&D projects as tax revenue for FY 2014. Given the nation's difficult fiscal situation, the Ministry needs to consider recording the royalty income as general account tax revenue.
Third, the Small and Medium Business Administration provides government loans for SMEs which have high growth potential or are temporarily experiencing financial hardship. However, an increasing amount of loans are offered to even those SMEs that are unable to pay interest due to their operating profits. Also, insolvent companies repeatedly receive loan support.
Budget Analysis Office
First, it offers analyses that are easy-to-understand and succinct so that National Assembly members and their assistants to make immediate use of them.
Second, the Office divides the ministry-specific report into booklets for each standing-committee for the convenience of users.
Third, NABO summarizes the main ideas of area-specific analyses and incorporates them into the ministry-specific analyses.
Fourth, the Office further analyses topics discussed during the budget meeting of FY 2014 so that the National Assembly can make a connection between reviews on planning and closing the accounts.
The report mainly examined 405 projects from 51 ministries and agencies overseen by 15 committees. Key analysis findings are as follows:
First, general accounts of the Ministry of Strategy and Finance receive the funds borrowed through issuance of government bonds by the public money management fund and repay the interest to the fund. For FY 2014, the Ministry deferred the payment of interest for the third and fourth quarters due to the lack of tax revenues. This was an unprecedented incident that may bring severe hardships to future fiscal management.
Second, the Ministry of Trade, Industry and Energy recorded the royalty income from its R&D projects as tax revenue for FY 2014. Given the nation's difficult fiscal situation, the Ministry needs to consider recording the royalty income as general account tax revenue.
Third, the Small and Medium Business Administration provides government loans for SMEs which have high growth potential or are temporarily experiencing financial hardship. However, an increasing amount of loans are offered to even those SMEs that are unable to pay interest due to their operating profits. Also, insolvent companies repeatedly receive loan support.
Budget Analysis Office