Korea’s customs agency said Thursday it aims to secure 5.65 trillion won ($5.29 billion) more in revenue than previously planned over the next four years.
The move is intended to help the government secure enough revenue to match the growing fiscal demand from expanded welfare programs and other projects promised by President Park Geun-hye.
In its 2014 policy plan submitted to the president, the Korea Customs Service said it aims to collect an additional 1.34 trillion won ($1.2 billion) in taxes in 2014, 1.4 trillion won in 2015, 1.43 trillion won in 2016 and 1.48 trillion won in 2017.
The KCS said that it secured 8.1 trillion won in tax revenue last year, up 1.04 trillion won from its initial target of 7.06 trillion won.
The customs agency said it will not revise tax rates to raise additional revenue and instead will enlarge the overall revenue base by improving existing systems and regulations. (Yonhap)
