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Tax revenue tallied at 54.4 tln won in July

All News 10:00 September 08, 2020

SEJONG, Sept. 8 (Yonhap) -- South Korea collected 54.4 trillion won (US$45.7 billion) in taxes in July, up 6.5 trillion won from a year earlier, the finance ministry said Tuesday.

Income tax revenue amounted to 8.1 trillion won in July, up 700 billion won from a year earlier, according to the Ministry of Economy and Finance.

Dues collected from companies, on the other hand, reached 1.5 trillion won in the month, down 100 billion won from a year earlier due to the lackluster earnings of local firms.

Taxes collected from customs also decreased 300 billion won over the period to 400 billion won due to the falling amount of imports.

Value-added tax revenue reached 17.4 trillion won in July, down 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 July reached 40.1 trillion won, up 6.4 trillion won from a year earlier.

Tax revenue tallied at 54.4 tln won in July - 1

kdh@yna.co.kr
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