Analysis of FY2019 Total Revenue Budget Plan
The ｢2019 Budget and Fund Management Plans｣ and ｢2018 Tax Code Revision｣ submitted by the government are deemed to have incorporated its policy initiatives driven by a recognition of the current policy environment characterized by the aggravating wealth imbalance and job market contraction. There are also at least 500 parliamentary proposals regarding the Tax Code Revision aimed at narrowing the gap, boosting economic growth and stabilizing people’s livelihoods.
This report provides a forecast of total revenue for 2019 and an in-depth analysis of the 2018 Tax Code Revision and non-tax revenue. To begin with, regarding the Tax Code Revision, estimates of the effects on tax revenues and on the tax burden were created. Also, analyses of major revised items were made mainly with regards to their policy effects, including the expansion of labor and child allowanced as well as the revision of the comprehensive real estate tax. Next, on the analysis of non-tax revenues, key issues were introduced regarding projections related to the eight types of social insurance schemes, various fees and major issues pursuant to financial accounts and funds before concluding with policy implications.