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THE INVESTOR] South Korean government’s tax revenues for the first five months of the year has increased by 19 trillion won (US$ 16.50 billion) from a year ago, boosted by improvements in consumer spending and the property market.
According to data released by the Minister of Strategy and Finance, the government collected 112.7 trillion won in taxes during the first five months of the year. In comparison, the figure for the same period last year was 93.7 trillion won.
The Finance Ministry said that increased real estate transactions have led to a rise in capital gains tax. The ministry also said that economic stimulus measures have also led to increased spending, adding 5.5 trillion won to value added tax levied during the period.
Aided by increased tax revenue, the government’s income for the first five months came in at 179.8 trillion won. Government spending for the period came in at 175.4 trillion won.
By Choi He-suk (
cheesuk@heraldcorp.com)