Increase in tax revenue (PG)▶ Click here for a larger view
From this year to July this year, national tax revenue increased by more than 55 trillion won from last year.
The national budget deficit fell 42% to 57 trillion won from a year ago.
However, as the rapid increase in spending continued, the national debt exceeded 900 trillion won for the first time.
◇ National tax revenue from January to July 51.1 trillion↑
According to the Ministry of Strategy and Finance on the 9th, national tax revenues from January to July this year were 223.7 trillion won, up 55.1 trillion won from a year ago.
The progress rate (the ratio of income to the annual target) in January-July was 71.2%, which was 12.2 percentage points higher than the same period last year.
By tax category, corporate tax (41.7 trillion won) increased by 10.9 trillion won and value-added tax (57.3 trillion won) increased by 9 trillion won, resulting in a 25 trillion won increase in tax revenue related to economic recovery from the same period last year.
Asset taxes such as capital gains tax and securities transaction tax also increased by 15 trillion won as the asset market, such as real estate and stocks, continued to brisk.
The Ministry of Strategy and Finance explained that if the base effect (11.9 trillion won) caused by tax support last year is excluded, the national tax for January-July increased by 43.2 trillion won from a year ago.
By deferring last year’s tax payment or allowing it to be carried forward this year, the tax collected last year decreased and this year’s tax increased.
In July alone, national tax revenue stood at 41.9 trillion won, an increase of 6.3 trillion won from a year earlier, increasing for seven consecutive months. Income tax increased by 3 trillion won and value added tax by 3.8 trillion won, but transportation tax (-1.2 trillion won) and liquor tax (-400 billion won) decreased due to the reduced base effect of tax support.
In addition to national tax revenue, non-tax revenue (17.8 trillion won) from January to July increased by 1.8 trillion won over the past year due to an increase in surplus funds from the Bank of Korea. However, non-tax income in July fell by 1.4 trillion won.
Fund income from January to July (115.4 trillion won) also increased by 19.5 trillion won due to the sharp increase in asset management income of the National Pension Service, but the monthly fund income in July decreased by 1 trillion won.
◇ Administrative fiscal balance deficit of 57 trillion … 914 Articles of State Debt
Total revenues from January to July, including national tax revenue, non-tax revenue, and fund revenue, were 356.9 trillion won, up 76.5 trillion won from the same period last year.
Total spending from January to July stood at 377.6 trillion won, an increase of 21.6 trillion won over the past year.
As a result, the consolidated fiscal balance recorded a deficit of 20.7 trillion won between January and July. However, the deficit decreased by 54.9 trillion won (-72.6%) from the same period last year (75.6 trillion won).
The managed fiscal balance, which shows the actual financial condition of the government by subtracting the four major protection funds from the integrated fiscal balance, was counted as a deficit of 56.9 trillion won. The deficit decreased by 41.2 trillion won (-42.0%) from 98.1 trillion won a year ago.
As of July, the national debt stood at 914.2 trillion won, breaking the 900 trillion won mark for the first time in history. This is the result of a sharp increase in spending.
2nd Vice Minister of Strategy and Finance Ando-geol Ahn said, “The rapid economic recovery leads to strong tax revenue and improvement in soundness indicators, and the fiscal virtuous cycle structure is clearly visible, with the combined fiscal deficit narrowing to less than one-third compared to the same period last year.”
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