S. Korea's tax revenues to account for 20% of GDP this year
- 6 years ago
This year, according to the finance ministry, taxes in South Korea are expected to surpass 20 percent of the country's GDP for the first time.
The Moon administration is spending more on social programs to boost incomes, which it hopes will result in more consumption and economic growth.
The finance ministry says these taxes on the wealthy and big business represent an increase in tax revenues of 5-and-a-half percent from last year.
A ministry official said the boom in tax revenues is expected to continue into next year as well.
The Moon administration will host a public debate on August 16th about the tax burden, something seen as directly related to the people's living conditions and their property rights.
The Moon administration is spending more on social programs to boost incomes, which it hopes will result in more consumption and economic growth.
The finance ministry says these taxes on the wealthy and big business represent an increase in tax revenues of 5-and-a-half percent from last year.
A ministry official said the boom in tax revenues is expected to continue into next year as well.
The Moon administration will host a public debate on August 16th about the tax burden, something seen as directly related to the people's living conditions and their property rights.