Tax revenue tallied at 36.5 tln won in January

All News 10:37 March 10, 2020

SEOUL, March 10 (Yonhap) -- South Korea collected 36.5 trillion won (US$30.4 billion) in taxes in January, down 600 billion won from a year earlier, the finance ministry said Tuesday.

Income tax revenue amounted to 9.3 trillion won in January, up 200 billion won from a year earlier, according to the Ministry of Economy and Finance.

Dues collected from companies, on the other hand, reached 1.6 trillion won in the month, down 200 billion won from a year earlier due to the lackluster earnings of local firms.

Taxes collected from customs also decreased 200 billion won over the period to 700 billion won due to the falling amount of imports.

Value-added tax revenue reached 18.5 trillion won in January, up 1 trillion won over the cited period, the data showed, mainly due to the reduced amount of paybacks for facility investment.

South Korea's total expenditures in January reached 50.9 trillion won, up 6.5 trillion won from a year earlier.