CONTINUEThis site uses cookies. By continuing to browse this site you are agreeing to our use of cookies. Find out more.
  1. Front Page
  2. News By Topic
  3. South Korea Expects To Miss Revenue Target

South Korea Expects To Miss Revenue Target

by Mary Swire, Tax-News.com, Hong Kong

30 December 2014


South Korea's National Assembly Budget Office (NABO) has indicated that the Government's tax revenue in 2014 will be up to KRW12.7 trillion (USD11.5bn) below budget – a shortfall of 5.4 percent – largely due to lower corporate tax collections.

With South Korean economic growth remaining slower than expected, pressure has remained on corporate earnings. During the third quarter of this year, the earnings of listed companies began to fall, after previously showing slow growth.

In addition, the NABO said that falls in the KRW exchange rate and falling commodity prices have caused lower collections of value-added tax and customs duty.

Revenue collections have been short on targets for three consecutive years, after gaps of KRW8.5 trillion in 2013 and KRW2.8 trillion in 2012. A further shortfall is also expected by the NABO next year, of about 3.4 percent.

TAGS: tax | value added tax (VAT) | budget | corporation tax | Korea, South | import duty | revenue statistics

To see today's news, click here.

 















Tax-News Reviews

Cyprus Review

A review and forecast of Cyprus's international business, legal and investment climate.

Visit Cyprus Review »

Malta Review

A review and forecast of Malta's international business, legal and investment climate.

Visit Malta Review »

Jersey Review

A review and forecast of Jersey's international business, legal and investment climate.

Visit Jersey Review »

Budget Review

A review of the latest budget news and government financial statements from around the world.

Visit Budget Review »



Stay Updated

Please enter your email address to join the Tax-News.com mailing list. View previous newsletters.

By subscribing to our newsletter service, you agree to our Terms and Conditions and Privacy Policy.


To manage your mailing list preferences, please click here »