The Ministry of Strategy and Finance, which made the largest error in the history of estimating national tax revenues last year, has decided to improve the method of estimating future tax revenues.
The Ministry of Strategy and Finance said that the research service on measures to improve tax revenues ordered by the Korea Institute of Taxation and Finance is in the final stage. did it with
As many small business owners and self-employed people suffered economic difficulties due to the prolonged COVID-19 outbreak, criticized for failing to properly grasp and utilize tax revenue, the government is planning to apply an improved estimation method from next year’s revenue budget estimated in July and August.
The National Assembly Budget Office also pointed out in the ‘2022 Total Revenue Budget Analysis Report’ that “a large-scale error in the forecast of the revenue budget undermines rational fiscal management and credibility in government policies.”
A government official explained, “In the case of last year, there was an unusual situation called Corona 19 rather than normal times, so if the tax revenue estimation model is shaken excessively, other side effects such as excessive estimation of future tax revenue may occur.”
YTN Lee Seung-yoon ([email protected])
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