The Korea Herald


[Monitor] South Korea’s tax revenue up W6.8tr won in October

By Korea Herald

Published : Dec. 10, 2020 - 11:00

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South Korea’s tax revenue grew 6.8 trillion won ($6.3 billion) in October due largely to a rise in income tax revenue, data showed Wednesday.

The country collected 39.1 trillion won in taxes in October, compared with 32.3 trillion won the previous year, according to the Ministry of Economy and Finance.

The rise in tax revenue mainly came as income tax revenue rose 4.1 trillion won on-year to 10.5 trillion won.

The consolidated fiscal balance, total income minus total expenditure, remained in the red, posting a deficit of 59 trillion won in the first 10 months of the year. The figure from the corresponding period a year ago was 47.6 trillion won in deficit.

Operational fiscal balance, another key gauge of fiscal soundness calculated by deducting four social security-related funds, logged a shortfall of 90.6 trillion won in the January-October period, larger than a 45.1 trillion won deficit the previous year.