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Minister Forecasts Tax Revenue Surplus of 20 Tln Won

Written: 2018-10-29 16:58:25Updated: 2018-10-29 18:28:18

Minister Forecasts Tax Revenue Surplus of 20 Tln Won

Photo : YONHAP News

Finance Minister Kim Dong-yeon said Monday that there is forecast to be a surplus of more than 20 trillion won of tax revenue this year. 

Kim was responding to a question on the expected amount of tax revenue from opposition Liberty Korea Party lawmaker Choo Kyung-ho during a parliamentary audit. 

Regarding calls that next year's tax revenue outlook should be revised accordingly, Kim said the estimate for 2019 has been realistically calculated based on the revenue surplus from last year and this year.

He said the issue will be discussed during budget deliberations by the parliament's Special Committee on Budget and Accounts, and adjustments will also be necessary in line with the six-month fuel tax cut to be implemented through next May.

The minister also agreed on the view that when more tax revenue is collected than expected, the issuance of government bonds should be scaled back.

He said it's necessary to adjust this year's original plan to issue 28-point-eight trillion won worth of state bonds.

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