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S. Korea's tax income sharply up through Oct.

All News 09:02 December 12, 2017

SEJONG, Dec. 12 (Yonhap) -- South Korea's national tax revenue continued to increase in the first 10 months of the year amid signs of an economic recovery, the finance ministry said Tuesday.

It collected 236.9 trillion won (US$216.9 billion) in taxes in the January-October period, up 21.2 trillion won from the same period last year, according to the Ministry of Strategy and Finance.

The amount is equal to 94.4 percent of this year's tax revenue target of 251.1 trillion won.

Revenue from value added tax rose 5.6 trillion won on-year to 65.8 trillion won, and income tax revenue gained 5 trillion won to reach 60.4 trillion won, the latest report said.

The corporate tax was 56.7 trillion won through October, up 7.1 trillion won from a year earlier.

The South Korean government has been basking in strong tax earnings since last year, when the total earnings reached 242.6 trillion won, exceeding the original goal by 9.8 trillion won and rising by a record 24.7 trillion won from a year earlier.


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