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Tax revenue tallied at 29.7 tln won in October

All News 09:54 December 11, 2018

SEJONG, Dec. 11 (Yonhap) -- South Korea collected 29.7 trillion won (US$26.3 billion) in taxes in October, down 100 billion won from a year earlier, the finance ministry said Tuesday.

Income tax revenue amounted to 6 trillion won in October, up 600 billion won from a year earlier due to a rise in wages.

Dues collected by companies rose 100 billion won on-year to reach 2.8 trillion won in October, the ministry said.

Value-added tax revenue reached 15.6 trillion won in October, down 600 billion won over the cited period, the ministry said.

In the first 10 months of the year, state tax earnings reached 263.4 trillion won, up 26.5 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.

Fiscal spending was tallied at 251 trillion won in the January-October period, according to the ministry.

Tax revenue tallied at 29.7 tln won in October - 1


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