South Korea's tax revenue grew 50.2 trillion won ($39.7 billion) in the first 11 months of 2022 from a year earlier, data showed Friday, on the back of improved corporate earnings.
Tax revenue amounted to 373.6 trillion won in the January-November period, compared with 323.4 trillion won tallied the previous year, according to the Ministry of Economy and Finance.
In November, the government collected 18 trillion won in taxes, up 2 trillion won from a year earlier.
The ministry attributed the on-year growth in November to an improved job market, leading to gains in income tax.
The collection of income taxes came to 121.6 trillion won through November, up 15 trillion won from the same period in 2021.
South Korea added jobs for the 21st straight month in November, although the growth continued to slow for the sixth month in a row amid the central bank's aggressive monetary tightening.
The nation also collected corporate taxes of 101.4 trillion won in the first 11 months, up 32.6 trillion won on-year.
But the collection of taxes from stock transactions dipped 3.6 trillion won on-year to 5.9 trillion won in the January-November period amid the bearish market.
The government also saw the collection of value-added taxes rise 7.8 trillion won on-year through November to reach 78.1 trillion won on rising import volume. (Yonhap)
