April 20, 2024

• 

South Korea’s tax revenue was tallied at 12.1 trillion won ($10.6 billion) in February, down 1.3 trillion won from a year earlier, the Finance Ministry said on April 10.

Income tax revenue amounted to 8.4 trillion won in February, up 300 billion won from a year earlier, in line with a rise in wages paid to workers.

Dues collected by companies, however, fell 100 billion won on-year to reach 1 trillion won, the ministry said.

In the first two months of this year, state tax earnings reached 49.2 trillion won, down 800 billion won from a year earlier.

Korea posted a budget surplus for the fourth year in a row in the 2018 fiscal year as tax revenue rose sharply on a rise in corporate earnings.

The gross revenue that the government brought in last year came to 385 trillion won, while its expenditure totaled 364.5 trillion won.

By Ram Garikipati and newswires (ram@heraldcorp.com)