South Korea's tax revenues grew 7.6 percent last year from a year earlier as income and corporate taxes increased amid improving economic conditions, government data showed Monday.

   According to the data by the National Tax Service, the nation's tax revenues hit a record high of 166.15 trillion won (US$157.9 billion) last year, compared with 154.33 trillion won tallied a year earlier.

   The amount was 3.6 percent or 6 trillion won higher than the government's initial target set earlier in 2010.

   The gain is attributed to increased collection of income and corporate taxes, boosted by the economic recovery.

   Asia's fourth-largest economy grew 6.2 percent from a year earlier, making a comeback from the global financial crisis triggered by the collapse of U.S. investment giant Lehman Brothers in late 2008.

   Revenues from income taxes from salaried workers jumped 15.7 percent to 15.52 trillion won, while corporate tax revenues grew 5.7 percent to 37.27 trillion won, the data showed.

   Special consumption taxes mostly levied on luxury items also spiked 39.1 percent to about 5 trillion won, the data showed.

   The NTS aims to collect 175 trillion won in taxes this year. During the first four months of the year, cumulative tax revenues amounted to 73.4 trillion won, up 7.6 trillion won from the same period a year earlier.

Source: Yonhap News (Aug.1, 2011)