Tax Revenues Already Surpass This Year's Target

  • By Choi Kyu-min

    October 12, 2018 11:54

    Tax revenues are expected to surpass W300 trillion for the first time ever this year, the Ministry of Strategy and Finance said Thursday (US$1=W1,143).

    Tax revenues in the first eight months of this year already totaled W213.2 trillion, up W23.7 trillion from the same period last year. That means 79.5 percent of this year's target had already been collected after just two-thirds of the year. This is also the first time that tax revenues surpassed W200 trillion by August.

    If tax revenues surpass W300 trillion this year, it would mean a staggering increase of W100 trillion in just five years. But fiscal spending still outpaced revenues, resulting in a cumulative deficit of W12 trillion in August.

    Korea's total sovereign debt stood at W684.7 trillion, up W57.4 trillion compared to last year.

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