According to the ‘Monthly Fiscal Trends and Issues November 2021 Issue’ published by the Ministry of Strategy and Finance on the 16th, the cumulative national tax revenue until September was 274.5 trillion won, an increase of 59.8 trillion won from the previous year.
The progress rate, which indicates how much tax has been removed compared to the expected national tax revenue this year, is 87.3%, which is a 12.1 percentage point (P) higher than a year ago.
National tax revenue increased mainly due to the economic recovery tax, mainly corporate tax, value-added tax, and income tax (transfer, labor, etc.). 15.1 trillion won in corporate tax, 8.8 trillion won in VAT, and 21.8 trillion won in income tax were raised.
However, the Ministry of Strategy and Finance observed that the improvement in tax revenue is expected to slow for the remainder of this year due to the stabilization of the asset market and tax support for small business owners and the self-employed.
In non-tax income, 22.2 trillion won was collected by September due to an increase in post office deposit operating income. This is an increase of 2.6 trillion won from a year ago, and the progress rate is 75.8%, a 3.1%p increase.
Fund income recorded 145.6 trillion won, up 25.5 trillion won from the previous year, thanks to an increase in social insurance subscribers. The progress rate also increased by 12.9%p to 85.1%, the highest level in the past 10 years.
The total revenue from January to September, including national tax revenue, non-tax revenue, and fund revenue, was 442.4 trillion won, an increase of 88 trillion won from the same period last year.
Total spending from January to September was 472 trillion won, up 37.2 trillion won from the same period last year. The progress rate was 78.0%, maintaining the level of the previous year.
As a result, the consolidated fiscal balance (total income-total expenditure) from January to September recorded a deficit of 29.6 trillion won. However, the deficit decreased by 50.8 trillion won compared to the same period last year (80.5 trillion won). This is the highest level of deficit improvement in the past 10 years.
By subtracting the four major protection funds from the integrated fiscal balance, the managed fiscal balance, which shows the actual financial status of the government, was counted as a deficit of 74.7 trillion won. The deficit decreased by 33.8 trillion won from 108.4 trillion won a year ago.
As of October, the central government’s debt reached an all-time high of 936.5 trillion won (841.9 trillion won in government bonds, 82.9 trillion won in housing bonds, and 11.7 trillion won in foreign-price bonds).
The national debt stood at 914.2 trillion won in July and has been increasing every month since it first rose to the 900 trillion won level, and the government’s debt forecast for this year is 937.8 trillion won.
As of the end of October, KTB issuance amounted to 164.2 trillion won, which was 88.1% of the annual issuance limit (186.3 trillion won). The balance of foreign holdings of government bonds stood at 156.9 trillion won (18.7%), a record high.
Second Vice Minister of Strategy and Finance Ando-Geol Ando said, “The improvement in tax revenue continued to be larger than expected until the third quarter.” looked forward
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