South Korea's Tax Revenue Jumps 17% in March on Higher Income, Capital Gains
Auf einen Blick
- South Korea's tax revenue rose 17 percent to 37.8 trillion won in March, up 5.5 trillion won from a year earlier, driven by increased income tax collections from higher bonuses and capital gains taxes from more housing transactions.
- Securities transaction tax revenue also climbed 800 billion won amid a KOSPI market boom.
KI-generierte Zusammenfassung
Warum es wichtig ist
South Korea's tax revenue growth reflects broader economic trends including increased employment, higher wages, and active housing and stock markets. The data comes from the Ministry of Finance and Economy.
SEOUL, April 30 (Yonhap) -- South Korea's tax revenue increased by 5.5 trillion won (US$3.7 billion) from a year earlier in March, driven by increases in income tax collections, government data showed Thursday. The government collected 37.8 trillion won in taxes last month, up 17 percent from the same period last year, according to the data from the Ministry of Finance and Economy. The increase was largely fueled by higher income tax revenue, which jumped by 2.2 trillion won on higher wage income taxes amid increased bonus payments, as well as a rise in capital gains taxes due to more overall housing transactions. Meanwhile, securities transaction tax revenue climbed by 800 billion won, supported by a surge in trading volume on the benchmark KOSPI market amid a market boom. Value-added tax revenue also increased by 300 billion won, partly due to higher payments following deadline extensions. Revenue from inheritance and gift taxes, as well as transportation, energy and environment taxes, each rose by 100 billion won.
Offene Fragen
- What is the full fiscal year projection for tax revenue?
- How does this compare to government budget targets?
