Go to Contents Go to Navigation

Key points in S. Korea's 2021 budget proposal

All News 08:30 September 01, 2020

SEJONG, Sept. 1 (Yonhap) -- The following are the key points of the South Korean government's 2021 budget proposal, which was endorsed by the Cabinet on Tuesday. Along with its spending plan, the government also gave estimates on revenue collection and midterm fiscal management plans.

Spending:

- Expansion of spending by 8.5 percent to 555.8 trillion won (US$469.8 billion)

- 199.9 trillion won for health, welfare and labor, an increase of 10.7 percent, or 17.6 trillion won, from 2020

- 71 trillion won for education, down 2.2 percent, or 1.6 trillion won

- 52.9 trillion won for national defense, up 5.5 percent

- 27.2 trillion won for research and development, up 12.3 percent

- 21.8 trillion won for public safety, up 4.4 percent

- 26 trillion won for social overhead capital, up 11.9 percent.

- 29.1 trillion won for industrial sectors, SMEs and energy, up 22.9 percent.

- 8.4 trillion won for culture, sports and tourism, up 5.1 percent

Revenue:

- Collection of 483 trillion won in gross revenue next year, up 0.3 percent from 2020

- 282.3 trillion won in total national taxes, down 3.1 percent, or 9.2 trillion won, from 2020

- 89.8 trillion won in income taxes, up 1.6 percent

- 53.3 trillion won in corporate taxes, down 17.2 percent

- 66.6 trillion won in value added taxes, up 3.2 percent
(END)

HOME TOP
Send Feedback
How can we improve?
Thanks for your feedback!