SKorea's 2008 tax revenue bill assumes 5 pct GDP growth - MoFE |
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Fri, 14 Sep 2007 05:05
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SEOUL (Thomson Financial) - The South Korean government's tax revenue proposals for next year assume that the economy will grow 5 percent in 2008 amid brisk exports and a recovery in domestic demand, the Ministry of Finance and Economy said Friday.The new tax revenue bill forecasts gross domestic product will expand by 4.6 percent in 2007.In 2006, GDP grew 5.0 percent.The ministry said it expects faster economic growth to increase national tax revenue to 165.6 trillion won next year, 4.6 percent more than this year's projected revenue.It sees the won averaging at 920 per US dollar in 2008, compared to an average rate of 925 won per dollar forecast for 2007.The ministry and the Bank of Korea will release their detailed growth forecasts for 2008 at the end of this year.(1 US dollar = 931.40 won )saeromi.shin@thomson.comsss/jm/zrCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.
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