The discussion revolves around the current state of South Korea's tax revenue, which is significantly lower than expected. The total tax revenue for the year was anticipated to be 400.5 trillion won, but as of May, only 160.2 trillion won was collected, marking a 40% progress rate. This amounts to a shortfall of about 36 trillion won compared to the same period last year.
The government's revenue is primarily composed of corporate tax, income tax, and value-added tax. The corporate tax revenue has decreased by about 17.3 trillion won compared to the previous year. The income tax has also seen a slight decrease, with the capital gains tax being the significant contributor. The decrease in capital gains tax is attributed to a decrease in real estate transactions.
The government has a system for borrowing money from the Bank of Korea when tax revenue is insufficient. However, the current amount of money already drawn is 48.1 trillion won, which is almost at the limit of 50 trillion won. This could stimulate inflation and potentially have the same effect as issuing more money.
The government is also considering using the global surplus and fund's surplus resources to address the lack of tax revenue. However, these resources are limited and may not be enough to make up the shortfall.
There is also a concern about tax evasion, with an increasing number of taxpayers defaulting on their taxes. The statute of limitations for tax evasion is 5 years, but this is increasingly becoming a problem.
In conclusion, the government's tax revenue is facing a significant shortfall, and there are concerns about inflation and tax evasion. The government is considering various measures to address this issue, but it remains uncertain how effective these measures will be.
1. The discussion is about explaining difficult economic news in an easy-to-understand manner.
2. The speaker is economic critic Park Yeon-mi.
3. The topic of discussion is tax revenue, which is currently a deficit.
4. Tax revenue is considered insufficient, with media reports indicating this situation.
5. The total expected tax revenue was 400.5 trillion won.
6. From January to May of this year, 160.2 trillion won was collected.
7. This represents a 40% progress rate of tax revenue.
8. The lowest tax revenue progress rate in the last 23 years was started in 2000.
9. Taxes are not good, and companies are also making money.
10. There are three ledgers in the national tax revenue: income tax, income tax, and value-added tax.
11. The total corporate tax income as of May was 43.6 trillion won.
12. The corporate tax will decrease due to the poor economy.
13. The corporate tax has now been reduced a lot.
14. The income tax is about 9 trillion won.
15. The comprehensive income tax paid by individual business owners increased slightly in May.
16. The biggest decrease in income tax is capital gains tax.
17. The volume of housing transactions between November of last year and March of this year has significantly decreased by more than 30% compared to the same period a year ago.
18. The overall economy is in a slump, and taxes aren't going well.
19. The government is expecting an up and down situation.
20. The trade deficit has escaped after 16 months, but this is due to falling energy prices.
21. The overseas corporation sent the dividend income to Korea, which increases the surplus on the books.
22. The government is deeply concerned about the lack of tax revenue.
23. The originally allocated budget will be spent by the government, and the inventory will be financed by using the global surplus generated during the last financial settlement, and by utilizing the fund's travel resources.
24. The remaining money collected from taxes but not spent is about 6 trillion won.
25. The remaining money after paying taxes is about 2.75 trillion won.
26. The expected shortfall this year amounts to nearly 40 trillion won.
27. The government is considering using the remaining money from taxes collected last year.
28. The price of oil has fallen a lot, and the paid tax cut will end soon.
29. The comprehensive real estate tax is now down to 60%, so there's a possibility of raising it a bit.
30. The opposition party is now calling for a supplementary budget and taxes aren't being collected.
31. The current government and ruling party are taking a negative stance on making a supplementary budget.
32. The increase in the national interest rate is also an increase, but on the other hand, it means releasing more money into the market.
33. There is a concern that it is stimulating prices.
34. The amount in arrears is 100 trillion won by the end of 2022.