S. Korea's Tax Revenue Up 9.5 Pct In 2017

Outh Korea's tax revenue increased by almost 10 percent last year, led by a sharp rise in corporate income tax revenue, the finance ministry said Thursday.

SEJONG, (APP - UrduPoint / Pakistan Point News - 19th Jul, 2018 ) :South Korea's tax revenue increased by almost 10 percent last year, led by a sharp rise in corporate income tax revenue, the finance ministry said Thursday.

The government collected 255.6 trillion won (US$226 billion) in taxes last year, up 9.5 percent from a year earlier, according to the National Tax Service.

Revenue from the corporate income tax rose 13.5 percent on-year to reach 59.2 trillion won last year, with that from income tax increasing 9.6 percent to 76.8 trillion won over the cited period.

Value added tax collection also surged 8.5 percent to 67.1 trillion won, according to the tax agency.

The South Korean government has been basking in brisk tax income for the past two years on increased corporate earnings and an economic recovery.