Tax take falls 1.3 trillion won in February year on year

Korea’s tax revenue totalled 12.1 trillion won ($10.6 billion) in February, down 1.3 trillion won from a year earlier, the Finance Ministry said Wednesday.

Income tax revenue amounted to 8.4 trillion won in February, up 300 billion won from a year earlier, in line with a rise in wages paid to workers.

Yet dues collected by companies fell 100 billion won on year to reach 1 trillion won, the ministry said.

In the first two months of this year, state tax earnings reached 49.2 trillion won, down 800 billion won from a year earlier.

Korea posted a budget surplus for the fourth consecutive year in the 2018 fiscal year as tax revenue rose sharply on a rise in corporate earnings.

The gross revenue that the government brought in last year came to 385 trillion won, while its expenditures totaled 364.5 trillion won.

Yonhap