tax revenue

tax revenue

Korea′s tax revenue falls short of target for third straight year in 2014 지난해

3d ago
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Tonight we begin with taxes. Amid the ongoing debate over welfare without a tax hike... Korea′s finance ministry reports that tax revenue fell short of its target for a third straight year in 2014. The shortfall was the largest on record... and officials say this was because of a prolonged economic slowdown. Our Hwang Ji-hye has the details. Korea′s finance ministry says... tax revenue came in at around 205 trillion won,... or roughly 190-billion U.S. dollars in 2014,... around 10-billion... shy of the government′s goal. Last year′s shortfall was the largest on record,... breaching that posted at the height of the Asian financial crisis in 1998. The ministry attributes the shortfall to sluggish corporate tax revenue... stemming from companies′ weak performances. It also says... slumping domestic demand... and a strengthening Korean won against the greenback prompted a fall in value-added taxes and customs duties. The government managed, however,... to collect more taxes on wages than its target by 450 million dollars,... thanks to the rise in the number of employed last year. For next year,... the government is aiming to collect tax revenue... that′s up around 2 percent from last year′s target. It′s confident about the goal,... saying it will push through structural reforms and economic revitalization plans this year. But experts... are skeptical about it. "The pace of recovery in China and in European countries is likely to fall below expectations this year and the economy at home is not showing signs of a strong recovery either." "Given that... Korea′s tax revenue is expected to fall short of the government target for the fourth straight year in 2015,... which could limit government spending on key areas. Hwang Ji-hye, Arirang News."