Gov't Sees Huge Jump in Tax Revenues
14 November, 2018
The government in the first three quarters of this year collected W26 trillion more in tax revenues than during the same period last year, according to the Ministry of Economy and Finance on Tuesday.
The increase is mainly due to more corporate tax revenues from the booming semiconductor industry and housing transfer tax amid inflating house prices.
The ministry's monthly fiscal trends report for November said tax revenues from January through September reached W233.7 trillion, up W26.6 trillion on-year.
The semiconductor boom helped the government collect corporate taxes worth W65 trillion over the period, up W11.1 trillion on-year, easily exceeding its whole-year target of W63 trillion.
"Corporate tax revenues rose because companies made advance payments of their taxes for the year in September," a ministry official said.
Income tax revenues jumped W8 trillion to W63.1 trillion over the same period.
TAG(s):