Tax revenue tallied at 31 tln won in April

All News 09:37 June 12, 2018

SEJONG, June 12 (Yonhap) -- South Korea's tax revenue was tallied at 31 trillion won (US$28.7 billion) in April, down 4.4 trillion won from a year earlier, due to carried-over corporate tax revenue, data showed Tuesday.

But when such corporate tax was collected as scheduled, the country's tax revenue is estimated at 40.5 trillion won in April, up 5.1 trillion won, the data compiled by the finance ministry showed.

Income tax revenue amounted to 5.6 trillion won in April, up 900 billion won from a year earlier.

Dues collected by companies also increased 2.4 trillion won on-year to reach 12.1 trillion won in April, the ministry said.

Value added tax revenue was 16.3 trillion won in April, up 1.1 trillion won from a year earlier.

In the first four months of the year, tax revenue reached 109.8 trillion won, up 4.5 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.