The Planning and Coordination Office is responsible for managing the Ministry: The Office manages the ministry's budget, supports the ministry's National Assembly related duties, draws up guidelines for implementing duties and facilitates coordination between different bureaus of the Ministry. The Office also administers the implementation of national policies and president's orders the ministry is responsible for.
A budget is a plan for government revenue and expenditure for a designated time period. It serves as a means for allocating limited assets according to the government's priorities, thereby promoting policy implementation and supporting the livelihood of the people. The Budget Office strategically adjusts the size and structure of the budget and effectively carries out budgeting in line with the needs of the nation.
The Tax and Customs Office covers policies in 14 categories of national tax sources including personal taxes, corporate-related taxes, consumer-related taxes, property-related taxes, and customs taxes on imports. The Office is also in charge of revenue budgeting and develops monthly plans for identifying and collecting tax revenue.
The Economic Policy Bureau forges mid- to long-term plans for economic and social development, sets up annual economic
policy directions and oversees their implementation and coordination.
By analyzing both domestic and global economic situations, the Bureau coordinates macroeconomic policies including fiscal and foreign currency policies and enhances the livelihood of citizens by fine-tuning policies for inflation, employment and welfare.
THe Future and Social Policy Bureau works to ensure sustainable economic growth
The Future and Social Policy Bureau establishes policies for sustainable economic growth. The bureau sets mid- and long-term policies for economic growth, develops new growth engines, works out strategies to reinforce national competitiveness, and prepares for possible future risks.
The Policy Coordination Bureau coordinates and fine-tunes a variety of economic policies, such as policies for improving the business environment, stabilizing the real estate market, enhancing the service industry, stimulating growth of small and medium-sized enterprises (SMEs) and venture businesses, developing science and technology, and using land for industrial purposes. The Bureau also manages the Ministerial Meeting on the Economy to discuss current economic issues.
The Treasury Bureau manages national finances in a stable and sound way and ensures sustainability of government finances in the long term. The Bureau has reformed its national financial management system to create added-value for the nation, in a situation where demographic shifts towards an aging population and a diminishing workforce may result in higher demands for public expenditure and decreases in public revenue Furthemore, the Bureau improves the Treasury bonds market, refoms public firms and enhances transparency in accounting
The Fiscal Policy Bureau develops and coordinates fiscal policies and strategies that contribute to economic and social development, and functions as a safety valve for maintaining fiscal sustainability. The Fiscal Policy Bureau develops and manages middle to long-term fiscal policies and the National Fiscal Management Plan, and also is in charge of various systems that are responsible for maintaining fiscal soundness. Finally, the bureau promotes transparency by providing fiscal information through dBrain, MOSF's Digital Budget and Accounting System.
The Fiscal Management Bureau is in charge of general fiscal management, it has two primary tasks : to formulate mid- to long-term fiscal strategies and a roadmap for fiscal consolidation, and to manage budget spending and assess fiscal performance to improve fiscal effectiveness
The Public Institutions Policy Bureau formulates and implements measures for advancing public firms through privatization and restructuring. The Bureau aims to enhance managerial transparency of public firms and assess their managerial performance to realize efficient and responsible management. It recruits chief executives in an open, fair impartial way and encourages innovative management to improve public servies.
The International Finance Bureau is in charge of a variety of policies for international finance, such as analyzing international financial market trends and formulating policy responses, making efforts to upgrade Korea's sovereign credit ratings to stabilize domestic foreign currency transaction Exchange markets and improving the foreign currency transaction system, foreign exchange reserves and external debts Among its other duties is to strengthen cooperation with international financial institutions such as the ADB, IMF, and World Bank, as well as with the Group of 20(G20), consisting of both advanced and emerging economies.
Korea is assuming greater leadership in the global economy
The International Economic Affairs Bureau pursues bilateral cooperation with the U.S., Japan, China, Russia, the EU, North Korea, and other countries in the Asia-Pacific Region, Latin America and Africa. The Bureau also seeks multilateral cooperation not just with APEC and ASEM, but also with international economic organizations including the OECD, WTO, and UNCTAD. The Bureau is responsible for developing and fine-tuning policies and strategies for Free Trade Agreements (FTAs), Official Development Assistance (ODA), foreign direct investment, and overseas investment.
The Lottery Commission has set up an efficient framework for lottery issuance and sales to implement an evaluation system ensuring the prudent distribution and use of lottery fund proceeds. The Commission undertakes all lottery-related operations, ranging from the issuance, management, and sales of lottery tickets to the distribution and usage of lottery proceeds. The Commission allocates lottery earnings to promote a caring and sharing society in Korea.