Tax Revenues Surpass W50 Trillion

      February 14, 2023 11:46

      Korea's tax revenues surpassed W50 trillion for the first time last year to reach W57.4 trillion, an increase of a whopping 70 percent over the last five years (US$1=W1,277).
      According to the Ministry of Economy and Finance on Monday, tax takings surged 68.8 percent from 2017. From self-employed workers' income tax alone, takings rose 49.4 percent.
      The government attributed the increase to a recovery in the job market as lockdown ended. According to the National Tax Service, 19.96 million people filed tax returns for 2021, up almost 1.95 million compared to 2017.
      But tax revenues have increased steadily over the last five years regardless of economic conditions. In 2020, when lockdown began, corporate tax revenues declined, but individual taxes increased 6.3 percent, rising 15.5 percent the following year and 21.6 percent in 2022.
      The NTS expects tax revenues to surpass W60 trillion this year.
      But while taxes rose, actual incomes reflecting inflation declined. The average monthly income of salaried workers in cities fell 2.5 percent on-year to W4.39 million in the third quarter of 2022.
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