April 25, 2024
Economy
Tax revenue rises to W70tr in Q1
[THE INVESTOR] Korea‘s national tax revenue continued to rise in the first three months of the year, the Finance Ministry said on May 11.
The government collected a total of 69.9 trillion won (US$61.7 billion) in taxes in the January-March period, up 5.9 trillion won from a year earlier, according to the ministry.
It accounts for some 29 percent of the tax revenue of 242.3 trillion won earmarked for 2017, 1.4 percentage points higher than the same period last year.
Revenues from value added tax rose 1.7 trillion won to 16.4 trillion won, and income tax revenues gained 800 billion won to 17.5 trillion won over the first quarter.
Corporate tax collection totaled 17.2 trillion won, up 1.7 trillion won from a year earlier.
By Alex Lee and newswires (alexlee@heraldcorp.com)
The government collected a total of 69.9 trillion won (US$61.7 billion) in taxes in the January-March period, up 5.9 trillion won from a year earlier, according to the ministry.
It accounts for some 29 percent of the tax revenue of 242.3 trillion won earmarked for 2017, 1.4 percentage points higher than the same period last year.
Revenues from value added tax rose 1.7 trillion won to 16.4 trillion won, and income tax revenues gained 800 billion won to 17.5 trillion won over the first quarter.
Corporate tax collection totaled 17.2 trillion won, up 1.7 trillion won from a year earlier.
By Alex Lee and newswires (alexlee@heraldcorp.com)
