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Key points in South Korea's 2017 budget proposal

All Headlines 14:30 August 30, 2016

SEJONG, Aug. 30 (Yonhap) -- The following are the key points of the 2017 budget proposal endorsed by the government on Tuesday. Along with its spending plan, the government also gave estimates on revenue collection and midterm fiscal management plans.

Spending:

- Expand 2017 spending by 3.7 percent to 400.7 trillion won (US$358 billion)

- 130 trillion won on health, welfare and labor, an increase of 6.6 trillion won, or 5.3 percent, from 2016

- 56.4 trillion won on education, up 6.1 percent, or 3.3 trillion won

- 40.3 trillion won on national defense, up 4 percent

- 19.4 trillion won on research and development, up 1.8 percent

- 18 trillion won on public safety, up 3.1 percent

- 21.8 trillion won on social overhead capital, down 8.2 percent

Revenue:

- Collect 414.5 trillion won in total revenue next year, up 6 percent, or 23.3 trillion won, from 2016

- 241.8 trillion won in total national taxes, up 3.9 percent on-year from the total 2016 tax income

- 65.3 trillion won in income taxes, up 3.1 percent

- 54 trillion won in corporate taxes, up 5.1 percent

- 61.5 trillion won in value added taxes, up 3 percent

- 9 trillion won in tariffs, up 8.4 percent

Mid- and long-term fiscal management plan:

- Reduce fiscal deficit to 1 percent of gross domestic product by 2020

- Keep national debt at 40.7 percent of gross domestic product in 2020
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