S. Koreas tax revenue expected to grow 7.6 pct in 2009
25/9/2008 17:10
The South Korean government said today that despite its efforts to lower
the tax burden, the country's tax revenue is expected to grow 7.6 percent in
2009 due to the economic growth and inflation.
The Finance Ministry's draft
budget plan showed that 179.6 trillion won (US$154.3 billion) will be collected
next year as tax, up from 166.9 trillion won (US$143.4 billion) forecast for
this year.
According to the draft budget plan, income tax revenue is expected
to grow 16.1 percent to 42.9 trillion won (36.9 billion U. S. dollars) while
corporate tax is predicted to gain 1.5 percent to 39.3 trillion won (US$33.8
billion).
Inheritance, value-added and transportation tax revenue will also
likely go up 7.7 percent, 9.5 percent and 4.7 percent, respectively, to 3.3
trillion won (US$2.8 billion), 48.5 trillion won (US$41.7 billion) and 11.2
trillion won (9. US$6 billion), the ministry said.
The ministry said due to
this increase every South Korean will be paying annual tax of 4.67 million won
(40, US$121), which is higher than this year's estimation of 4.36 million won (
37, US$458).
However, without the government's recent measure of tax
reduction, the per-capita burden would grow higher to reach around 4.97 million
won (42, US$699), it said.
Meanwhile, the nation's tax burden ratio total
amount of tax burden over gross domestic demand is expected to decline 0. 1
percentage point to 22.1 percent in 2009, the ministry added. The ratio stood at
22.7 percent in 2007.
Xinhua
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