Tax revenue increased by 58.5 trillion won compared to last year... 61 trillion won more collected than the original budget, 'Record-high tax revenue discrepancy'
[Asia Economy Sejong=Reporter Kim Hyewon] Last year, national tax revenue increased by nearly 60 trillion won compared to the previous year, surpassing 300 trillion won. The economy showed signs of recovery, with imports and exports reaching record highs, and the asset markets such as real estate and the stock market continued to boom, resulting in tax revenues exceeding expectations. The taxes collected last year increased by more than 61 trillion won compared to the government's initial estimate (main budget). This is a record-breaking surplus tax revenue.
The government closed the total revenue and total expenditure accounts for the 2021 fiscal year on the 11th. Closing the revenue and expenditure accounts is the procedure to finalize the government's revenue and expenditure for the previous year.
As a result of the closing, the confirmed total revenue was 524.2 trillion won, and total expenditure was 496.9 trillion won. The surplus balance was 27.3 trillion won, and after deducting a carryover amount of 4 trillion won, the total surplus was 23.3 trillion won (18 trillion won in the general account and 5.3 trillion won in the special account).
Total revenue collected was 524.2 trillion won, an increase of 58.7 trillion won compared to the previous year. Total expenditure was 496.9 trillion won, which is 97.6% of the budget amount of 509.2 trillion won. This is an increase of 43.1 trillion won compared to the previous year.
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Last year's national tax revenue was 344.0782 trillion won, an increase of 58.532 trillion won (20.5%) compared to 2020 (285.5462 trillion won). It was 29.8 trillion won higher than the forecast at the time of the second supplementary budget (314.3 trillion won), but compared to the government's initial main budget for last year (282.8174 trillion won), 61.2608 trillion won more was collected. The tax revenue error rate compared to the main budget was 21.7%, and based on the supplementary budget, it was 9.5%.
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