Next year`s tax burden to increase 234 dollars per person

Next year, the total tax burden of an individual Korean has to pay to the country including tax and pension premium, etc., is estimated at around 7.57 million won (7,385 U.S. dollars). Per capita tax payment is estimated at 5.6 million (5,463 dollars)-5.7 million won (5,561 dollars).

According to the 2015 revenue budget plan announced Wednesday, the nation`s total revenue of 383 trillion won (373.65 billion dollars) is composed of national tax of around 230 trillion won (224.39 billion dollars), pension of around 130 trillion won (126,8 billion dollars), and non-tax receipt of 20 trillion won (19.5 billion dollars). Major revenue in national finance includes tax income such as income tax, corporate tax and value-added tax, and national pension, public officials pension, private school teachers pension, health insurance, employment insurance, occupational health and safety insurance, and income from the sale of national property. When dividing next year`s total revenue by projected population of 50.62 million, per capita payment will reach 7.57 million won (7,385 dollars), up 240,000 won (234 dollars) from this year`s 7.32 million won (7,145 dollars).

The Strategy and Finance Ministry believes the total tax rate, or the ratio of people`s share in GDP, will increase gradually. The rate, at 26.8 percent this year, is forecast to increase to 27 percent next year, and then to 27.5 percent in 2017. Regarding tax among the total tax rate, an individual Korean will be paying 55.6 million (5,463 dollars)-5.7 million won (5,561 dollars) next year.