National Finance Act citation updated

A partial amendment to the National Finance Act took effect, correcting a cross-reference used to govern the treatment and planned use of annual fiscal surpluses after carryover amounts are deducted from the revenue-and-expenditure settlement.

Article 90(2) now cites Article 5(3) of the Local Subsidy Act, replacing the former citation of Article 5(2).

The amendment concerns the handling of the amount remaining after carryovers are deducted from a fiscal year's revenue-and-expenditure settlement surplus, and plans for its use.

The stated purpose is to align the National Finance Act with the Local Subsidy Act's current wording. The change reflects the citation now used in the Local Subsidy Act for the handling and use of the annual settlement balance.

The National Assembly passed the partial revision, and President Lee Jae-myung promulgated the law. Under its supplementary provision, it took effect on the day it was promulgated.

The Expenditure Innovation Division of Giheok Yesancheo and the Accounting and Settlement Division of Jaejeong Gyeongjebu are among the offices responsible for the National Finance Act.

The revision updates only the citation from paragraph 2 to paragraph 3 of Article 5. The provision remains focused on the treatment and planned use of surplus funds within the annual revenue-and-expenditure settlement.