April 25, 2024

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[THE INVESTOR] South Korea’s national tax revenue rose sharply in the first 11 months of 2016 despite the prolonged economic slowdown, according to the government data released on Jan. 10.

The government collected a total of 230.5 trillion won (US$192 billion) in taxes through November in 2016, up 24.5 trillion won from a year earlier, according to the Ministry of Strategy and Finance.

Corporate tax income climbed 7.3 trillion won on-year to 51 trillion won during the January-November period, while income tax rose 7.3 trillion won to 63.8 trillion won and value-added tax revenue gained 7.7 trillion won to 60.5 trillion won.

The income tax and value-added tax revenues exceeded the government’s annual target of 63.3 trillion won and 59.8 trillion won, respectively.

The government‘s income, which includes non-tax revenue, totaled 372.5 trillion won during the 11-month period, with 351.5 trillion won spent during the cited period.

(theinvestor@heraldcorp.com)