Tax rev­enue in­creases W17 tril. through Au­gust

The Korea Times - - BUSINESS - By Nam Hyun-woo

The gov­ern­ment’s tax rev­enue in­creased in the first eight months of the year com­pared to the same pe­riod last year, gov­ern­ment data showed Fri­day.

Ac­cord­ing to the Min­istry of Strat­egy and Fi­nance, tax rev­enue amounted to 189.5 tril­lion won ($167.4 bil­lion) from Jan­uary to Au­gust, up 17.1 tril­lion won from the pre­vi­ous year.

In Au­gust alone, the gov­ern­ment col­lected 20.8 tril­lion won, up 3.8 tril­lion won year-on-year.

The amount is equiv­a­lent to 75.5 per­cent of this year’s tax rev­enue tar­get of 251.1 tril­lion won.

The surge in in­come for state cof­fers came af­ter rev­enue from ma­jor tax sources showed in­creases.

From Jan­uary to Au­gust, rev­enue from cor­po­rate taxes rose 6 tril­lion won, while in­come tax and value added tax in­creased by 5 tril­lion won and 3 tril­lion won, re­spec­tively.

As of Au­gust, the gov­ern­ment posted a 17.4 tril­lion won sur­plus in the con­sol­i­dated cen­tral gov­ern­ment bal­ance, up 1.6 tril­lion won from last year.

The amount of cen­tral gov­ern­ment debt stood at 640.2 tril­lion won, up 4.5 tril­lion won from a month ear­lier.

“On the heels of re­cent im­prove­ments in ex­ports, the coun­try’s eco­nomic growth mo­men­tum is rep­re­sented in in­creased tax rev­enue and im­prove­ments in its fis­cal bal­ance,” a min­istry of­fi­cial said.

“How­ever, there is an ob­vi­ous ne­ces­sity to en­hance ef­forts to con­trol risks stem­ming from the United States and China and sta­bi­lize the mo­men­tum.”

Korea’s two ma­jor trad­ing part­ners are lock­ing horns with Korea over the Korea-U.S. free trade agree­ment and China’s eco­nomic re­tal­i­a­tion re­gard­ing the de­ploy­ment of a U.S. anti-mis­sile sys­tem here.

The gov­ern­ment has been en­joy­ing surg­ing tax rev­enue since last year. In 2016, the gov­ern­ment col­lected 233.3 tril­lion won in taxes, up 12 per­cent from the pre­vi­ous year.

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