April 17, 2024

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[THE INVESTOR] The government saw its national tax revenue continue to increase in the first nine months of this year, the Finance Ministry said on Nov. 10.

It collected 207.1 trillion won (US$185.20 billion) in taxes in the January-September period, up 18 trillion won from the same period last year, according to the ministry.

The amount collected is equal to 82.5 percent of this year‘s tax revenue target of 251.1 trillion won. The total takes into account the 11 trillion won supplementary budget, which was approved by parliament in summer.

Revenue from value added tax rose 3.1 trillion won on-year to 49.5 trillion won, and income tax revenue gained 4.55 trillion won to reach 54.9 trillion won, the latest report said.

The corporate tax take was 54 trillion won in the nine months through September, up 7.1 trillion won from a year earlier.

The government has been basking in strong tax earnings since last year, when the total earnings reached 242.6 trillion won, exceeding the original goal by 9.8 trillion won and rising by a record 24.7 trillion won from a year earlier.

By Alex Lee and newswires (alexlee@heraldcorp.com)