Have you heard that the volume of the tax revenue that the government gathered had decreased? Even the president of the National Tax Service said, “It looks pretty hard to reach the volume of the goal of the tax revenue.” In this article, I will write about how the tax revenue volume decreased, what problems it cause, and what the government is doing about it.

First of all, like companies and stores, the country needs an enough volume of money. Companies and stores earn money, and give it to the country. However, the economy has going downhill recently. That was the reason the volume of money the companies and stores gathered had decreased. And guess what happened next; less money to the country!

Okay, you might be thinking, ‘The volume of the tax revenue is decreasing? Then the government should take more money from the people!’ Uh, wrong. The government and the National Tax Service cannot take more money from the people easily. The government needs a new law from the National Assembly. Plus, that law only has power when more than 2 out of 3 from the National Assembly people agree. Don’t think it ends there. It’s not that easy for the National Assembly, too!

Now, I’ll tell you what things the government is doing about this situation. As I said before, the government cannot take more money from the people easily. So, what are they doing? Finding for hidden money, and avoiding the money they already gather coming out! To be more specific, they get some money from Tax Heaven with tax investigation, or take the money from the underground economy.

Well, let’s just hope they succeed!

By Yoon Suh Cha