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Each worker will have to pay W1.7 million in income tax this year, down 6.6 percent from W1.82 million year-on-year, the Ministry of Strategy and Finance said on Thursday (US$1=W1,159). The government has decided to give an oil tax refund worth W3.5 trillion to a total of 17.64 million middle- and low-income earners beginning October.
But the per capita income tax burden will sharply rise to W2.12 million next year, up W420,000 (25 percent) from this year. The per capita overall tax burden (inclusive of national and local taxes) is also expected to rise to W4.67 million next year, up W310,000 from this year.
The ministry said, ¡°In 2009, national tax revenue will likely reach W179.6 trillion, up W12.7 trillion (7.6 percent) year-on-year.¡± Next year, the revenue from white-collar workers' income tax will amount to W17.3 trillion, up 28.4 percent from this year. The composite income tax to be paid mainly by self-employed businesspeople is expected to increase to W8.2 trillion, up 29.5 percent year-on-year.
(englishnews@chosun.com )
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