NABO Estimates & Tax Issues (Issue 9)
Published on November 22, 2019
Published by Estimates and Tax Coordination Division of the Estimates and Tax Analysis Office
I. Estimates of Total Revenues in 2020
NABO has projected that total revenues would be 477.2 trillion won - 4.7 trillion won lower than the government's total revenue budget of 482.0 trillion won.
Ⅱ. Analysis of the 2019 Proposed Tax Act Revision
This report analyzes the tax effects of the tax revision proposal, tax incidence, and effects of investment support proposals, which will be discussed during the regular session of the National Assembly in 2019, and examines the revisions of major amendments by tax items and tax burden changes estimated by NABO.
Ⅲ. Stocktaking of the Fiscal Demands of Legislative Bills Approved in 3Q 2019
Among the 142 legislative bills approved in the third quarter of 2019, there are 35 (24.6%) budget-related bills that affect national and local government finances. Implementation of these bills is expected to result in an annual expenditure increase of 919.6 billion won on average over the next five years (2020~2024).
Ⅳ. Analysis of the Major Policy Issues Regarding Estimations and Taxation
·This report forecasts NABO’s mid-term fiscal outlook for 2019~2028.
·This report summarizes the system and fiscal status of Government Employees Pension and Veterans’ Pension, and forecasts fiscal changes over the next 10 years when government plans are implemented in these pension schemes.
·This report examines the implications of Korea's tax policies by analyzing the economic and fiscal conditions of OECD countries after the global financial crisis and Japan after 1990.
V. Estimations and Tax Trends in Korea and Abroad
·This report summarizes recent national tax revenues and trends.
·This report introduces tax incentives and subsidies to expand environment-friendly automobile markets in China, US, Japan, and Norway, which are nations with leading environment-friendly automobile industries.
·This report examines Japan’s consumption tax rate increase (8% → 10%) and forecasts its impact on fiscal and consumption issues.
·This report examines domestic and international public assistance systems and related status, and estimates fiscal demands based on recent policy changes and current issues under discussion, and presents results accordingly.
·This report estimates the fiscal demands required by enactment of the Act on the Prevention of Airfield and Military Range Noise and Damage Compensation.