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Tax revenue continues to fall in March

All News 10:00 May 07, 2020

SEOUL, May 7 (Yonhap) -- South Korea collected 41.8 trillion won (US$34.1 billion) in taxes in March, down 1.7 trillion won from a year earlier, the finance ministry said Thursday.

Income tax revenue amounted to 3.2 trillion won in March, 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 13.4 trillion won in the month, down 6 trillion won from a year earlier due to lackluster earnings over the coronavirus pandemic.

Value-added tax revenue reached 1.3 trillion won in March, unchanged from a year ago, the data showed.

In the first three months of this year, South Korea collected 69.5 trillion won in taxes, down 8.5 trillion won.

South Korea's total expenditures in March reached 60.8 trillion won, up 11.8 trillion won from a year earlier.

Tax revenue continues to fall in March - 1

kdh@yna.co.kr
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