Report value-added tax income amid ‘tax punk’ considerations… Help for tax income disaster | completely satisfied information

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Financial development price elevated within the first quarter by 1.3% due to building funding and personal consumption.

(Seoul = Yonhap Information) Reporter Kim Do-hoon = The Financial institution of Korea introduced the fifth actual home product (GDP) development price (in comparison with the earlier quarter, provisional worth) within the first quarter 1.3% , due to building funding and personal consumption. The picture exhibits the streets of Myeong-dong, Seoul on the fifth. 2024.6.5 superdoo82@yna.co.kr

(Sejong = Yonhap Information) Reporter Track Jeong-eun = The worth-added tax collected by means of April this yr exceeded 40 trillion gained, an all-time excessive.

Amid considerations {that a} ‘tax income tip’ might happen for 2 consecutive years as a consequence of decrease than anticipated company tax efficiency, the federal government seems to be elevating its hopes on a -in future worth added tax.

In keeping with the Ministry of Technique and Finance on the ninth, value-added tax income between January and April this yr was estimated at 40.3 trillion gained, a rise of 4.4 trillion gained from final yr. That is the very best quantity ever in the identical interval.

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Worth-added tax income between January and April was between 30 and 33 trillion gained in 2016 to 2019, however it decreased to 29.5 trillion gained in 2020 when COVID-19 occurred. After that, it elevated to 34.4 trillion gained in 2021, 39.7 trillion gained in 2022, after which decreased once more to 35.9 trillion gained final yr.

Tax authorities analyze that a rise in home consumption has pushed value-added tax income.

VAT is reported and paid in January, April, July, and October. VAT is paid on gross sales within the first quarter (January to March) in April.

In keeping with the Financial institution of Korea’s provisional gross home product (GDP), non-public consumption within the first quarter elevated by 0.7% in comparison with the earlier quarter as a consequence of a rise in each items reminiscent of clothes and providers reminiscent of meals and lodging. It was up 1.0% in comparison with the identical interval final yr.

Then again, a lower in revenue and a decline in self-employment had been damaging components.

Income within the first quarter of this yr fell 11.1% in comparison with the identical quarter final yr. It became a rise in April (5.4%) for the primary time in 14 months, however it went down barely once more final month (-2.0%).

As well as, the federal government beforehand prolonged the VAT cost deadline for small self-employed folks and small enterprise house owners by two months from January to March, however it’s reported that solely 300 billion gained, or about half of the 600 billion gained in deferred quantity. , collected on the finish of the grace interval.

There’s additionally an evaluation that the worth added tax has elevated as a result of worth will increase have been mirrored within the ongoing excessive inflation. Even taking this under consideration, the speed of improve in worth added tax from January to April in comparison with the identical interval final yr was 12.2%, properly above the speed of inflation (cumulative for April) of three.0% in the identical interval.

[그래픽] Nationwide tax income standing

(Seoul = Yonhap Information) Reporter Kim Min-ji = In keeping with the April nationwide tax income standing introduced by the Ministry of Technique and Finance on the thirty first, tax income got here nationwide between January and April this yr to 125.6 trillion, with company tax. Income decreased by almost 13 trillion, in comparison with the identical interval a yr in the past.
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Internally, the Ministry of Technique and Finance expects that the value-added tax will no less than present steady help to tax income earlier than making a price range and monetary administration technique.

With out value-added tax, the full quantity of tax income shouldn’t be simple as a result of company tax has decreased considerably.

Company taxes fell between January and April by 12.8 trillion gained (35.9%) in comparison with final yr, when tax income fell essentially the most in historical past.

The federal government anticipated to gather 367.3 trillion gained in taxes this yr, however the complete nationwide taxes collected since April was solely 125.6 trillion gained. The progress price is 34.2%, which isn’t solely decrease than the typical of the final 5 years (38.3%), but in addition decrease than final yr (38.9%), when there was a deficit of there’s a massive tax enter.

There are lots of predictions that personal consumption will enhance with the help of a value-added tax within the second half of the yr.

In its financial outlook final month, the Financial institution of Korea forecast this yr’s non-public consumption development price to be 1.8%, rising from 1.4% within the first half to 2.2% within the second half . The Korea Improvement Institute (KDI) additionally anticipated 1.4% within the first half and a pair of.2% within the second half.

An official from the Ministry of Technique and Finance mentioned, “Imports in April and Could are bettering in comparison with the primary quarter,” and added, “Home consumption is predicted to grow to be extra energetic sooner or later.”

[표] Worth added tax income between January and April (unit: trillion gained)

Enhance/lower in quantity thus far in comparison with earlier yr

2024 40.3 4.4

2023 35.9 -3.8

2022 39.7 5.3

2021 34.4 4.9

2020 29.5 -3.7

2019 33.2 0.3

2018 32.9 1.3

2017 31.6 1.6

2016 30.0 5.5

2015 24.5 -1.0

2014 25.5

[자료: 기획재정부 열린재정·재정동향]

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2024/06/09 06:33 Despatched