According to the ‘2023 tax revenue re-estimate results and fiscal response direction’ announced by the Ministry of Strategy and Finance on the 18th, national tax revenue this year is expected to fall below the previous estimate by about 59 trillion won.
|▲ It is expected that there will be a ‘tax revenue puncture’ of 59 trillion won this year, the largest ever.|
This is because corporate taxes decreased due to poor performance of major companies due to the slump in the semiconductor market, and corporate taxes and capital gains taxes plummeted as the domestic asset market contracted.
Accordingly, the existing national tax revenue estimate was adjusted from 400.5 trillion won to 341.4 trillion won.
Looking at the reduced amount by major tax item than expected, △ corporate tax KRW 25.4 trillion △ capital gains tax KRW 12.2 trillion △ value-added tax KRW 9.3 trillion △ comprehensive income tax KRW 3.6 trillion △ customs duties KRW 3.5 trillion △ inheritance and gift tax 3.3 trillion won, etc.
The government believes that it can respond to the tax revenue deficit without issuing a separate supplementary budget by using spare resources such as the Foreign Exchange Equalization Fund, world surplus, and disuse (not using the allocated budget).
Jeong Jeong-hoon, head of the tax department, said, “In a high interest rate situation, downward pressure on the economy has rapidly developed, starting with semiconductors, and corporate and asset tax revenues have decreased. Although the direction is different, we are sorry that there has been a large tax revenue error for three consecutive years.” . Reporter Hwijong Yoon