Korea expects tax revenues of $332 billion next year
SEOUL, July 14 (WAM) – The Republic of Korea expects to collect record tax revenues of no less than 500 trillion won (US$332 billion) next year.
This amount far exceeds the government’s previous projections, which estimated tax revenues at about 412 trillion won, as presented by Budget Minister Park Hong-kyun during a meeting held at the presidential office.
Yonhap News Agency quoted Park as saying that the significant tax revenues, which are above the long-term trend, will be allocated to establishing a “Future Response Fund” with the aim of achieving sustainable growth. He explained that the fund will focus on investing in the young generation, growth engines, the regional economy, and talent development.
Park added that if the country faces a shortfall in tax revenue due to changes in economic conditions, or is forced to prepare a supplementary budget, the fund will be used to support financial stability.
Park noted that the government also plans to approve an spending budget for next year amounting to about 800 trillion won, an increase of 10% compared to the current year.
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