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Excess Tax Revenue for 2021 Forecast to Rise Additional 8 Tln Won

Written: 2022-01-13 15:02:15Updated: 2022-01-13 16:38:14

Excess Tax Revenue for 2021 Forecast to Rise Additional 8 Tln Won

Photo : YONHAP News

Excess tax revenue for 2021 is forecast to further rise around eight trillion won, on top of the previously forecast 19 trillion won.

According to the finance ministry on Thursday, tax revenue during the first eleven months of last year rose 55-point-six trillion won on-year to 323-point-four trillion won.

Income tax, including transfer income tax and earned income tax, expanded 20-point-two trillion won, due in large part to the booming property market and a rise in employment. Corporate taxes and value-added taxes rose in line with the recovery.

There is already an excess of nine-point-one trillion won from the January to November period, based on the government's tax revenue estimate of 314-point-three trillion won in July 2021.

Since all of the tax revenue from December are surplus, the ministry expects an additional excess of eight trillion won, on top of its November estimate of 19 trillion won. Compared to the estimate from fall 2020, the excess is almost 60 trillion won higher.

The government's total income during the first eleven months rose 86-point-one trillion won on-year, while its gross expenditures grew 45-point-two trillion won on-year, posting a fiscal deficit of 22-point-four trillion won.

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