The photo shows the Nowon-gu apartment complex as seen from the Buk Seoul Dream Forest Observatory in Gangbuk-gu, Seoul on September 2nd. [사진=유대길 기자 [email protected]]
According to the government authorities on the 10th, the Ministry of Strategy and Finance is forecasting that this year’s tax revenue will reach 6.8 trillion won. This is because, although the Yoon Seok-yeol administration’s revision of the tax law will be partially implemented this year, it is still the last year in which the Moon Jae-in administration’s tax law is applied.
Compared to 2018, which was the first year of the Moon Jae-in administration’s real estate tax reform, this year’s tax revenue soared 258%. This is an increase of 3.5 times over the past five years. During the same period, national tax revenue increased by 35% from 293.6 trillion won to 397.1 trillion won. If you look at the overall rate of increase in tax revenue, this means that the property tax was 7.3 times faster than the overall national tax revenue.
This is due to the fact that, following the COVID-19 crisis, abundant liquidity around the world pushed up real estate prices, which led to an increase in the announced price. In addition, it is believed that tax policies such as an increase in the property tax rate and the introduction of a heavy taxation system for multi-family dwellings also had an impact.
Inheritance and gift tax is the second largest increase in the five years of the Moon Jae-in administration. Inheritance and gift tax revenue this year is expected to be 15.8 trillion won, 2.1 times the amount collected in 2018 (7.4 trillion won). During the same period, income tax increased by 51% and corporate tax by 48%. In the process of economic recovery following the COVID-19 crisis, earned income and transfer income increased, and the operating profit of corporations increased.
- reporter information
- Jo Ara
- [email protected]
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