[2021 National Audit] Hong Nam-ki "This Year's Excess Tax Revenue May Exceed the Expected 31.5 Trillion Won"

October 6 National Assembly Budget Committee Ministry of Economy and Finance Tax Policy Audit

Deputy Prime Minister and Minister of Economy and Finance Hong Nam-ki attends the National Assembly's Public Administration and Finance Committee's audit of the Ministry of Economy and Finance held at the National Assembly on the 6th, responding to lawmakers' questions. Photo by Yoon Dong-joo doso7@

[Sejong=Asia Economy Reporter Moon Chaeseok] Deputy Prime Minister and Minister of Economy and Finance Hong Nam-ki said on the 6th, "There is a possibility that this year's excess tax revenue will be slightly higher than the initially expected 31.5 trillion won."

Deputy Prime Minister Hong made this remark during the National Assembly's Planning and Finance Committee audit when Rep. Ko Yong-jin of the Democratic Party asked about this year's tax revenue forecast.

Earlier, the government, while preparing the second supplementary budget, projected this year's national tax revenue to increase by 31.5 trillion won from the original budget to 314.3 trillion won.

In particular, it anticipated excess tax revenue of 13.2 trillion won from the asset market, and related tax revenues such as corporate tax and value-added tax reflecting the economic recovery would increase by 16 trillion won.

The National Assembly Budget Office presented a forecast of excess tax revenue of 35.4 trillion won, which is 3.9 trillion won more than the government's estimate. This analysis considered favorable corporate earnings in the first half of the year and an increase in comprehensive real estate tax due to rising publicly announced prices.

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