SEOUL, KOREA – The National Tax Service is expected to collect more than 200 trillion won of taxes next year. According to the Ministry of Strategy and Finance and the National Tax Service on December 9, the portion of the tax authorities out of the 216.4-trillion-won tax revenue for the fiscal year 2013 would be 204.0 trillion won. It is 6 percent higher than this year's 192.6 trillion won.
By item, the expected amount of income tax receipt will be 50.6 trillion won, up 12 percent from this year's 45.8 trillion won. Within income tax receipt, earned income tax receipt will be 22.2 trillion won (up 16.9%), consolidated income tax receipt 11.2 trillion won (16.4%), corporate income tax receipt 48.0 trillion won (1.0%), value-added tax receipt 59.0 trillion won (9.1%), and others tax receipts including those from liquor tax, consolidated real estate tax, and education tax 47.8 trillion won (4.0%).
*Article provided by The Korea Economic Daily
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