Analysis of FY2023 Total Revenue Budget Proposal

Published on Oct., 31, 2022
Published by Estimates and Tax Coordination Division

   The total revenue in the ｢FY2023 Budget Bill and Fund Management Plan｣ is 625.9 trillion won and the total expenditure is 639.0 trillion won. The YoY increase rate of the FY2023 Total Revenue Budget Proposal is 2.8%, which is lower than the YoY increase rate of 7.6% of the FY2022 Total Revenue Budget. This appears to have been affected by the drop in asset-related tax revenues following recent interest rate hikes and a slowdown in the asset market, and bill that is designed to reduce taxes to be collected to enhance economic vitality.
   This report projected total revenue for FY2023 and analyzed major issues related to measures to enhance the rationality and accuracy of both tax and non-tax revenuebudget allocations, such as budgeting of the tax revenue budget bill which has factored in the volatility of asset-related tax revenue. Furthermore, the attached budget bill was analyzed as well, including the review of the tax expenditure budget and tax revenue budget estimation analysis report submitted to the National Assembly along with the budget bill.