❑ NABO’s 2025 National Tax Revenue Projection
   ◦ NABO’s 2025 national tax revenue projection stands at KRW 378.5 trillion, which is KRW 3.9 trillion less (-1.0%) than the government’s Budget Bill (KRW 382.4 trillion).
   ◦ National tax revenue for 2025 is projected to increase by KRW 41.1 trillion (12.2%) YoY, driven by higher corporate tax revenue due to strong corporate performance in 2024 and income tax growth fueled by improved consumption and income conditions.
    － Corporate tax revenue is expected to grow by KRW 24.5 trillion (38.5%) YoY, driving national tax revenue growth.
    － Income tax and value-added tax are also forecast to rise by KRW 8.9 trillion (7.6%) and KRW 4.6 trillion (5.6%) YoY, respectively, reflecting economic growth and a recovery in the real estate market.
   ◦ The difference between NABO’s projection and the government’s Budget Bill amounts to KRW 3.9 trillion, with the main discrepancies in income tax, inheritance and gift tax forecasts.
    － Income tax (KRW 1.8 trillion less than the government’s Budget Bill): NABO projects a slower recovery in the real estate market and economic indicators compared to the government’s estimates.
    － Inheritance and gift taxes (KRW 1.1 trillion less): NABO forecasts a slower recovery in gift transactions compared to the government’s projections, reflecting the recent decline in such transactions.

❑ NABO's Medium-Term National Tax Revenue Projections: 2024-2028
   ◦ NABO projects an annual average growth rate of 6.8% for medium-term national tax revenues, increasing from KRW 337.4 trillion in 2024 to KRW 439.3 trillion in 2028.
   ◦ In 2025, corporate tax is expected to drive the growth of total national tax revenue, supported by strong corporate performance in 2024. From 2026 onward, stable growth is anticipated, primarily in major tax categories such as corporate tax, income tax, and value-added tax.

❑ Comparison with the Government's National Fiscal Management Plan
   ◦ The government projects national tax revenue to grow at an average annual rate of 7.1%, increasing from KRW 337.7 trillion in 2024 to KRW 444.3 trillion in 2028.
   ◦ NABO’s projections for national tax revenues are estimated to be KRW 0.3–5.0 trillion less than the government’s estimates outlined in the National Fiscal Management Plan for each year, amounting to a total difference of KRW 17.0 trillion over the five-year period.
   ◦ This discrepancy is primarily due to differences in the revenue conditions assumptions made by the two institutions, such as economic growth rates.    － Annual average nominal GDP growth rates (%): Government 4.3 vs. NABO 4.1