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S. Korea's tax revenue rises in January

SEOUL
2024-03-14 11:16

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SEOUL, March 14 (Xinhua) -- South Korea's tax revenue rose in the first month of this year due to jobs growth and consumption expansion, government data showed Thursday.

Tax revenue amounted to 45.9 trillion won (34.9 billion U.S. dollars) in January, up by 3.0 trillion won (2.3 billion dollars) compared to the same month of 2023, according to the Ministry of Economy and Finance.

Income tax revenue gained by 600 billion won (455.8 million dollars) on employment increase, and revenue from value-added tax climbed by 2.3 trillion won (1.7 billion dollars) on consumption improvement.

Corporate tax collection dwindled by 200 billion won (151.9 million dollars) on lingering worry about economic slump that reduced corporate earnings.

Total revenue, including tax and non-tax revenues, grew by 5.7 trillion won (4.3 billion dollars) to 67.1 trillion won (50.9 billion dollars) in January.

Total expenditure increased by 4.8 trillion won (3.6 billion dollars) to 55.9 trillion won (42.5 billion dollars).

The managed fiscal balance, excluding social security fund, recorded a surplus of 8.3 trillion won (6.3 billion dollars) in January.
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