SEJONG, Jan. 10 (Korea Bizwire) – South Korea’s national tax revenue increased sharply in the first 11 months of last year despite the protracted economic slowdown, government data showed Tuesday.
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.
Especially, 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.