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Tax revenue tallied at 16.5 tln won in November

All News 09:00 January 10, 2019

SEJONG, Jan. 10 (Yonhap) -- South Korea collected 16.5 trillion won (US$14.7 billion) in taxes in November, up 1.5 trillion won from a year earlier, the finance ministry said Thursday.

Income tax revenue amounted to 9.9 trillion won in November, up 400 billion won from a year earlier.

Dues collected by companies rose 100 billion won on-year to reach 1.4 trillion won in November, the ministry said.

Value-added tax revenue reached 700 billion won in November, up 900 billion won over the cited period due to a rise in import prices of crude oil, the ministry said.

In the first 11 months of the year, state tax earnings reached 279.9 trillion won, up 28 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.

Fiscal spending was tallied at 260.6 trillion won in the January-November period, according to the ministry.

Tax revenue tallied at 16.5 tln won in November - 1


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