Next year’s budget is projected to top a record 800 trillion won ($578 billion), with national tax revenue expected to exceed 600 trillion won on the back of higher corporate tax receipts fueled by the semiconductor boom, government insiders said Tuesday. They said the Ministry of Planning and Budget is in the final stages of preparing the budget proposal. Last month, the ministry suggested a spending increase of 10 percent or more from this year’s 729.9 trillion won initial budget, signaling that next year’s budget could exceed 800 trillion won. This would mark the first double-digit increase in total expenditure since 2009, when spending rose 10.9 percent amid the global financial crisis. Total spending increased 8.1 percent this year from the previous year’s initial budget. The drivers behind the so-called “super budget” include improving revenue conditions, fueled by a semiconductor-driven surge in corporate tax payments and higher transaction tax revenues amid a bullish stock market. Budget Minister Park Hong-geun had earlier projected tax revenues to top 500 trillion won
Korea set to draw up ‘super budget’ of over $578 bil. on chip boom
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