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South Korean 2016 Budget To Let Deficit Drift

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

09 September 2015


South Korea is to allow its fiscal deficit to drift further in its 2016 Budget, with plans for expanded spending despite subdued tax revenue growth.

The budgetary estimates, which were released on September 8, anticipate that tax revenue will expand by 2.4 percent. With spending expected to outpace this growth rate, the deficit will widen to 2.3 percent of gross domestic product (GDP) in 2016, from 2.1 percent in 2015.

The Government is to put forward its tax and spending plans for the National Assembly's approval at the beginning of December. The Government has now signaled that it intends to put off its fiscal consolidation plans, at least until the end of 2016. In 2019, the Government will aim to achieve a fiscal deficit of 0.9 percent.

TAGS: tax | economics | fiscal policy | gross domestic product (GDP) | budget | Korea, South | revenue statistics

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