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Gist of proposed national budget for 2022

All News 11:10 August 31, 2021

SEOUL, Aug. 31 (Yonhap) -- The following is the gist of the 604.4 trillion won (US$519 billion) state budget that the finance ministry proposed Tuesday. The government also gave estimates on total revenue and mid-term fiscal management plans.

Spending:
-- To increase fiscal spending by 8.3 percent on-year to 604.4 trillion won
-- 216.7 trillion won on health, welfare and labor, up 8.5 percent from 2020
-- 96.8 trillion won on administration, up 14.3 percent on-year
-- 83.2 trillion won on education, up 16.8 percent on-year
-- 55.2 trillion won on national defense, up 4.5 percent
-- 30.4 trillion won on industrial sectors, SMEs and energy, up 6 percent.
-- 29.8 trillion won on research and development, up 8.8 percent
-- 27.5 trillion won on social overhead capital, up 3.8 percent
-- 23.4 trillion won on agriculture, fisheries, food, up 3.4 percent
-- 22.4 trillion won on public security and safety, up 0.3 percent
-- 11.9 trillion won on environment, up 12.4 percent
-- 8.8 trillion won on culture, sports and tourism, up 3.9 percent
-- 6 trillion won on diplomacy, inter-Korean affairs, up 5.7 percent
-- To seek average annual increase of 5.5 percent in government spending under 2021-25 fiscal management plan.

Revenue:
-- Collection of 548.8 trillion won in gross revenue next year, up 6.7 percent from the 514.6 trillion won estimate for this year.
-- 338.6 trillion won in total national taxes, up 19.8 percent or 55.9 trillion won from 2020
-- 105 trillion won in income taxes, up 16.9 percent on-year
-- 73.8 trillion won in corporate taxes, up 38.4 percent on-year
-- 76 trillion won in value added taxes, up 14.1 percent on-year
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