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Per Capita Tax Burden Amounting to 2.71 Million Won in 2002

Per Capita Tax Burden Amounting to 2.71 Million Won in 2002

Posted September. 26, 2001 08:55,   


The government finalized a 112.58 trillion won state budget for the fiscal year 2002, up 12.3 percent (12.38 trillion won) from this year. Per capita tax payment next year is expected to reach 2.71 million won, up 200,000 won from this year, with 21.9 percent of the tax burden rate.

The government finalized the state budget proposal for the fiscal year 2002 in a cabinet meeting, presided over by President Kim Dae-Jung yesterday, and decided to submit the proposal to the National Assembly on 28th.

The government allocated 22.325 trillion won for education to increase the education government officials and to construct the elementary, middle, and high schools. Other per-sector allocations were 20.8237 trillion won for the government personnel expenses, 15.7689 trillion won for social overhead capital (SOC) projects and housing construction, 16.364 trillion won for national defense, 9.9181 trillion won for agricultural and fishing community support, 9.7265 trillion won for public funds and interest on state bonds, and 9.6613 trillion won for social welfare.

The allocation for the government personnel expenses in 2002 increased by 9.9 percent, taking the increase of personnel into account, and the proposed salary per government official increased by 6.7 percent.

The allocation for public funds and interest on state bonds reached 9.7265 trillion won, which increased by 13.4 percent from this year. The budget scale for next year increased by 6.9 percent (7.3 trillion won) from this year, including the supplementary budget of this year. The rate of increase in next year`s budget is the second highest since 1999 (12.6 percent).

As the budget plan for next year was framed before the terrorist attacks in the U.S. took place, the government and the ruling party are considering planning a revised budget proposal, which expands the budget scale for next year, in the National Assembly in November, if the aftermath of the terrorist attacks becomes more serious.

Jeon Yun-Churl Minister of Planning and Budget said, ``As the economy is anticipated to become more difficult next year, the government will try to stimulate the economy by mobilizing all the functions of finance. To do this, the government will expand the SOC investment and the aid to the small and medium size companies as well as venture companies.``