Falling revenue threatens tax cuts in South Korea

The South Korean government may dial back the scale of tax cuts aimed at curbing inflation, as tax revenue for this year is likely to fall below estimates. | asianewsnetwork

“While the overall economy flow and capital market remain slow, businesses are recording lower earnings, making the tax revenue outlook gloomy,” he said.

With worse-than-expected tax revenue, the government is considering ending tax extensions or cutting back on fuel tax reductions. The cuts have led to a drop in related taxes worth 5.5 trillion won last year. As this year’s tax income budget was drawn up on the premise that the government maintains the fuel tax cut, it could secure more tax income by normalizing fuel taxes.

The Finance Ministry said Monday it has not made a decision on the running of fuel tax cuts after the current reduction scheme expires in April.The cut on consumption tax on the purchase of passenger vehicles, aimed to encourage domestic consumption, is also a possible candidate for revision. The 30 percent cut is set to expire in June.

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