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S Korea's tax revenue to increase by 3.9% in 2010
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19:40, September 23, 2009

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South Korea is likely to achieve a 3.9 percent-increase in its tax revenue for next year as the nation's economy is showing signs of recovery, the Ministry of Strategy and Finance said on Wednesday.

The government is expected to collect 171.1 trillion won (about 143 billion U.S. dollars) in tax revenue in 2010, up 6.5 trillion won from this year's forecast, the ministry said in a 2010 draft budget plan.

"State earnings are expected to post gains as wages go up and more capital gains tax is collected due to an increase in real estate transactions and purchase of goods," South Korea's Yonhap News Agency quoted a ministry official as saying.

In 2010, income tax revenue from individuals is likely to increase 9.0 percent to 37.0 trillion won, while value-added tax is expected to grow by 5.0 percent to 48.7 trillion won.

However, corporate tax income is expected to fall 2 percent from this year to 35.4 trillion won, after the government adjusted the taxation rules.

The budget plan will be submitted to the National Assembly for approval on Oct. 1.

Meanwhile, the increase in tax revenue is expected to raise the tax burden for South Koreans in 2010, as every person will pay an average of 4.53 million won in taxes from 4.34 million won in 2009and 4.38 million won in 2008, but the overall tax burden ratio is expected to drop 0.4 percentage point to 20.1 percent, from 20.5 percent in 2009.

Source: Xinhua

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