Tax Revenues Rise Sharply

  • By Park Yu-yeon

    December 13, 2017 10:36

    Tax revenues soared more than W21 trillion in the first 10 months of this year compared to the same period of 2016 (US$1=W1,092).

    The Ministry of Strategy and Finance on Tuesday said W236.9 trillion in taxes were collected from January to October, up W21.2 trillion on-year and meeting 94.4 percent of this year's target.

    Total annual tax revenues this year are expected to surpass the government's goal.

    But government spending has also grown, requiring a W10 trillion supplementary budget to be drawn up. As a result, the government has incurred a fiscal deficit of W7.4 trillion in the first 10 months of this year.

    The government's total fiscal debt load stood at W629.4 trillion at the end of October, up W2 trillion from the previous month.

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