Tax revenue was estimated at 400.5 trillion won (297.9 billion U.S. dollars) for 2023, up 0.8 percent from the projected revenue of 397.1 trillion won (billion U.S. dollars) for 2022, according to the Ministry of Economy and Finance.
The collection of income taxes was expected to grow 3.0 percent in 2023 on higher earned income taxes that would offset a drop in capital gains taxes.
The collected capital gains taxes were projected to slide next year on higher interest rates that would lead to lower prices for assets such as properties and equities.
The collection of stock transaction taxes and comprehensive real estate taxes were expected to fall in double digits next year.
The collection of corporate taxes was forecast to fall 0.1 percent in 2023 due to a cut in corporate tax rate and the expected earnings reduction.
The government unveiled a sweeping tax cut plan in June to lower taxes for big corporations, high-income earners and real estate owners.
The collection of value-added taxes was predicted to increase 3.6 percent next year amid high inflation that would raise prices for goods and services.
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