Even though all taxes have been collected, the national treasury is empty.
Haebom
According to the 2024 and mid-term national tax revenue outlook released by the Ministry of Strategy and Finance, tax revenue collected from January to October 2023 is 24 trillion won less in corporate tax, 15 trillion won less in income tax, and 5 trillion won less in value-added tax compared to last year.
The total collected national tax revenue was 305.2 trillion won, a decrease of 50.4 trillion won compared to the same period last year. This is mainly analyzed to be due to sluggish corporate operating profits and a decline in real estate transactions.
Looking at it in detail, corporate tax revenue was 76.1 trillion won, down 23.7 trillion won from a year ago. This seems to be mainly due to the decrease in corporate operating profits. In addition, income tax revenue was 93.9 trillion won, down 14.6 trillion won from a year ago, which is interpreted as a decrease in income tax revenue due to a decrease in real estate transactions.
On the other hand, national tax revenue for the month of October increased by 500 billion won from a year ago to 38.6 trillion won. This is due to an increase in corporate tax revenue due to improved semiconductor exports and an increase in value-added tax revenue due to increased consumption.
However, the problem of tax revenue shortage is expected to persist due to the sluggish real estate market and the possibility of a decline in consumption caused by high inflation. In particular, the Organisation for Economic Co-operation and Development (OECD) warned of increased fiscal spending pressure due to rapid population aging and recommended the Korean government to implement fiscal rules.
This situation is expected to affect the national tax revenue outlook for next year, and it is expected to fall short of the government's tax revenue budget. Accordingly, policy responses to fiscal deficit and national debt management are emerging as important tasks.
This is not because spending has increased, but rather because the amount of tax collected has decreased. It makes me think a lot.
Subscribe to 'haebom'
📚 Welcome to Haebom's archives. --- I post articles related to IT 💻, economy 💰, and humanities 🎭. If you are curious about my thoughts, perspectives or interests, please subscribe. Would you like to be notified when new articles are posted? 🔔 Yes, that means subscribe. haebom@kakao.com
