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Tax revenue tallied at 12.1 tln won in February

All Headlines 10:29 April 10, 2019

SEJONG, April 10 (Yonhap) -- South Korea's tax revenue was tallied at 12.1 trillion won (US$10.6 billion) in February, down 1.3 trillion won from a year earlier, the finance ministry said Wednesday.

Income tax revenue amounted to 8.4 trillion won in February, up 300 billion won from a year earlier, in line with a rise in wages paid to workers.

Dues collected by companies, however, fell 100 billion won on-year to reach 1 trillion won, the ministry said.

In the first two months of this year, state tax earnings reached 49.2 trillion won, down 800 billion won from a year earlier.

This undated photo shows containers carrying export goods in Busan, South Korea's largest seaport. (Yonhap)

South Korea posted a budget surplus for the fourth year in a row in the 2018 fiscal year as tax revenue rose sharply on a rise in corporate earnings.

The gross revenue that the government brought in last year came to 385 trillion won, while its expenditures totaled 364.5 trillion won.

The budget surplus reached 13.2 trillion won in 2018, compared with 11.3 trillion won tallied in 2017.

Tax revenue amounted to 293.6 trillion won in 2018, up 28.2 trillion won from a year earlier.
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