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Last year's tax 378 tr ... Tax burden in tax revenue boom

2019-04-21T04:54:38.193Z

Thanks to the tax boom last year, national tax and local tax collection amounted to 378 trillion won. The rate of tax burden, which is a measure of the tax revenues on the gross domestic product, is the highest ever since last year.


Thanks to the tax boom last year, national tax and local tax collection amounted to 378 trillion won.

Gross Domestic Product (GDP) Gross Domestic Product (GDP) Gross Domestic Product (GDP) Gross Domestic Product (GDP) Gross Domestic Product (GDP)

According to the Ministry of Strategy and Finance, the Ministry of Strategy and Finance, the Ministry of Public Administration and Security, and the Bank of Korea, total tax revenues are estimated at 377.9 trillion won in 2018, an increase of 32.1 trillion won (9.3 percent)

According to the total revenues data, which was written down in February last year, national tax revenues were 293.6 trillion won, 28.2 trillion won more than the previous year.

Last year, local taxes were 84.3 trillion won, an increase of 3.9 trillion won from the previous year.

According to the National Accounts of the People's Republic of Korea, last year Korea's GDP was estimated at 1,782,268.9 billion won.

The tax burden ratio, which means the ratio of national tax and local tax to current GDP, is calculated as 21.2% last year.

The tax burden ratio rose 1.2 percentage points from the previous year.

The rise in the tax burden rate is the highest since the year 2000 (17.9%), which was 1.6% point higher than the previous year.

The tax burden rises from 16.8% in 1990 to 19.6% in 2007, and fell to 17.9% in 2010 due to the global financial crisis and the influence of the Lee Myung Bak administration's tax cuts.

The tax burden that has risen since then dropped to 17.9 percent in 2013, the first year of Park Geun-hye's government.

Since then, it has been steadily rising, reaching 19.4% in 2016 and the first 20% in 2017.

The surge in the tax burden ratio last year is attributed to an increase in the national tax revenues.

Last year, the national tax was 25.4 trillion won (9.5 percent) more than the annual revenue budget of 268.1 trillion won.

The year-on-year growth rate was 10.6%, the highest since 11.3% in 2016.

In detail, corporate tax rose by 7.9 trillion won from the budget thanks to the boom in semiconductors.

The transfer income tax revenues also increased by 7.7 trillion won.

This is attributed to the increase in real estate transactions just before enforcing heavy taxation on multi-tenants in April last year.

As private consumption and imports also increased, the value-added tax was also 2.7 trillion won more than expected.

The stock transaction price increased by KRW2.2 trillion due to the increase in stock trading value.

The government emphasized that the tax burden rate has increased to a high level last year, but that the general income tax paid by ordinary individuals has not increased significantly.

Last year's labor income tax was 2.3 trillion won more than expected, but the government said that the nominal wage rose 5.3 percent from the previous year and that of regular workers also increased 2.6 percent.

Park Ki-baek, a professor at the Seoul Metropolitan University's Taxation School, said, "The government's tax burdens have jumped due to the good performance of the companies because the government has not been affected." Although it is still low in the Organization for Economic Cooperation and Development The sudden climb is burdensome for businesses and individuals, so the government should coordinate with the economy to increase in proportion. "

Source: sbskr

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