[뉴스토마토 용윤신 기자] National tax revenues from January to September this year were found to be close to 60 trillion won more than the previous year. This is because corporate tax and income tax have increased in line with the economic recovery trend.
However, the improvement in tax revenue is expected to slow in the fourth quarter of this year due to factors such as stabilization of the asset market. In particular, despite allegations of underestimation of excess tax revenue, the government projected that this year’s excess tax revenue would be around 10 trillion won.
According to the ‘Monthly Fiscal Trends and Issues November Issue’ released by the Ministry of Strategy and Finance on the 16th, the national tax revenue collected until September of this year is 274.5 trillion won. This is an increase of 59.8 trillion won from a year ago. Compared to the supplementary budget plan (additional budget), the provisional tax collection progress rate by September was 87.3% (the ratio until September of this year based on the tax to be collected for one year).
Tax revenue is expected to improve as the economic recovery continues through September. Corporate tax (65.2 trillion won) was collected 15.1 trillion won more than the previous year. The corporate tax progress rate reached 99.4%. In addition, the value-added tax (56.5 trillion won) increased by 8.8 trillion won from a year ago. The progress rate is 81.5%.
The operating profit of KOSPI’s December settlement company increased 19.8% from 56.3 trillion won in 2019 to 67.5 trillion won last year. It jumped 69.1% from 29.6 trillion won in the first half of last year to 50.1 trillion won in the first half of this year. Retail sales also increased 6.4% year-on-year in the first quarter, up 4.4% and 5.1% in the second and third quarters, respectively.
Income tax (86.9 trillion won) was lifted 21.8 trillion won more than the previous year due to the brisk asset market and an increase in the number of employed people. Income tax progress rate was 87.3%.
As of September, national tax revenue was 26.3 trillion won, 4.1 trillion won more than the previous year. Income tax of 7.7 trillion won was 1 trillion won more than the previous year. Corporate tax increased by 2 trillion won to 10.3 trillion won. Value-added tax (2.4 trillion won) and transportation tax (1.4 trillion won) also increased by 500 billion won and 100 billion won, respectively.
The Ministry of Strategy and Finance estimates that this year’s excess tax revenue will be around 10 trillion won. The 31.5 trillion won in excess tax revenue generated earlier in the second supplementary budget has already been exhausted through tax revenue adjustments. The excess tax revenue of 10 trillion won is the government’s estimate of the amount accrued after that. However, the ruling party is forecasting 19 trillion won.
Yun Ho-jung, floor leader of the Minjoo Party, appeared on a radio on the same day and said, “This year’s tax revenue surplus is expected to be around 50 trillion won, 19 trillion won more than the 31 trillion won originally expected by the government in July.” “I think we can meet the budget needed for quarantine and other packages (such as quarantine subsidies, local currency, and loss compensation),” he said.
“If there was an intention (for the government’s underestimation), I don’t think it would be an issue that should be investigated, for example, by state affairs,” said Minority Leader Yoon.
Choi Young-jeon, head of the tax analysis division at the Ministry of Strategy and Finance, said, “The National Assembly Budget Office also predicted this year’s national tax revenue to reach 323 trillion won last month. to do,” he explained.
Non-tax revenues such as fines, compensation, and subsidies from the state treasury were 22.2 trillion won until September this year, up 2.6 trillion won from the previous year. Fund income was 145.6 trillion won, up 25.5 trillion won from the previous year.
Social insurance premium income increased by 5.8% from 55.3 trillion won to 58.5 trillion won due to the increase in the number of social insurance subscribers such as the national pension and employment insurance following the recovery of employment. In addition, asset management income from social security funds such as national pension (16.5 trillion won), private school pension (1.2 trillion won), and industrial accident insurance (600 billion won) increased by 18.3 trillion won.
As national tax revenues, non-tax revenues, and fund revenues all increased, total revenue recorded 442.4 trillion won, an increase of 88 trillion won from the previous year. The progress rate is 86.0%.
Total expenditure from January to September was 472 trillion won, up 37.2 trillion won from the previous year, but as of September (44.7 trillion won), it decreased by 1.4 trillion won. It is explained that despite active fiscal execution, there were difficulties in executing the financial project due to the addition of the second supplementary budget, restrictions on execution such as consumption coupons due to the re-spread of Corona 19, and disruptions in the supply and demand of construction materials.
As of the end of the third quarter, the deficit in the consolidated fiscal balance (total revenue-total expenditure) was 29.6 trillion won thanks to the improvement in national tax and fund revenue. 50.8 trillion won improved from 80.5 trillion won a year ago.
The managed fiscal balance excluding social security funds such as the National Pension and Employment Insurance from the consolidated fiscal balance was 74.7 trillion won in deficit. However, the deficit decreased by 33.8 trillion won compared to last year (108.4 trillion won). Managed fiscal balance is considered an indicator of the government’s actual livelihood.
Data/Ministry of Strategy and Finance
Sejong = Reporter Yong Yoon-shin yonyon@etomato.com
ⓒ Delicious News Tomato, reprinted without permission – redistribution prohibited
.
