It was pointed out that last year’s asset-related tax revenue plunged by more than 10 trillion won from a year ago, increasing uncertainty about this year’s tax revenue.
The Ministry of Strategy and Finance last year recorded 66.9422 trillion won in asset-related tax revenue, including capital gains tax, stock transaction tax, inheritance and gift tax, special tax for rural areas, and comprehensive real estate tax, down 10.57 trillion won or 13.1% from a year ago.
By tax item, the transfer tax on gains from the transfer of land and housing decreased the most by KRW 4.4739 trillion, and the stock transaction tax also decreased by KRW 3.9527 trillion due to the stock market contraction.
In addition, special tax for rural development, which is attached to stock transactions, decreased by KRW 1,886.8 billion, inheritance and gift tax by KRW 412.2 billion, and comprehensive real estate tax increased by KRW 668.6 billion due to an increase in installments due to a sharp increase in the tax burden in the previous year. I did.
Unlike last year, when asset market booms generated large excess tax revenues, last year’s faster-than-expected asset market slowdown led to a sharp drop in asset tax revenue, which adversely affected overall tax revenue.
Last year’s asset tax revenue was 6.228 trillion won, or 8.3% less than the government’s original forecast of 72.965 trillion won, and it is pointed out that there are limits to predicting the movements of the highly volatile asset market inside and outside the government.
The government re-announced tax revenue projections that reflected market conditions while drafting the supplementary budget last year, but asset tax revenues declined more sharply than the revised forecast at the time.
As of October of last year, the net land sales transaction volume decreased by 18.2% and the housing transaction volume by 50.4% from a year ago.
The problem is that, as the share of asset tax revenue in national tax revenue has recently increased, uncertainty in the tax revenue outlook is also growing.
The ratio of asset tax revenue to total national tax revenue was only 12% until 2017, but soared to 22.4% in 2021, and recorded 16.9% last year as well.
In particular, in the case of 2021, when asset transactions exploded, even though the government revised the tax revenue forecast three times during the year, huge excess tax revenue of KRW 61.4 trillion compared to the initial forecast and KRW 29.8 trillion compared to the supplementary budget was generated.
Depending on the future movements of the asset market, there is a possibility that the range of tax revenue fluctuations this year will also increase.
The government has predicted that the transfer tax for this year will be reduced by 13.2% and the stock transaction tax by 34.0% compared to the second supplementary budget. .
YTN Lee Seung-yoon ([email protected])
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