Invest Korea

According to Yonhap News,

(SEJONG=Yonhap News) South Korea's tax revenue was tallied at 36.3 trillion won (US$34.1 billion) in January, 2.7 trillion won more than a year earlier, boosted by a rise in income tax and value-added tax revenue, data showed Tuesday.

Income tax revenue amounted to 8.8 trillion won in January, up 900 billion won from a year earlier, according to the data compiled by the finance ministry.

The government collected 1.3 trillion won in corporate tax, down 500 billion won over the cited period, they showed.

Value-added tax income was 17.3 trillion won in January, up 1.5 trillion won from a year earlier.

South Korea posted a budget surplus for the third year in a row in fiscal 2017 as its tax revenue rose sharply on increased corporate and value added taxes.

The gross revenue that the government brought in last year came to 359.5 trillion won, while expenditures totaled 342.9 trillion won.

sam@yna.co.kr

Copyrights Yonhap News. All Rights Reserved.

Source Text

Source: Yonhap News (Mar. 13, 2018)