S. Korea Reports Surge in Tax Revenue
Total tax revenue reached 71.0 trillion won ($47.9 billion) over the January–February period, marking a 10.0 trillion won jump compared with the same stretch a year prior, according to data released by the Ministry of Planning and Budget.
The surge was led by income tax receipts, which expanded by 2.4 trillion won, and value-added tax collections, which climbed 4.1 trillion won over the period. Corporate tax revenue, by contrast, held flat year-on-year.
When broader fiscal flows are taken into account, aggregate revenue — encompassing both tax and non-tax income — reached 121.6 trillion won for the first two months of the year, a gain of 18.6 trillion won over the prior-year period.
On the spending side, total government expenditure rose 12.0 trillion won to 128.7 trillion won over the same timeframe, outpacing revenue growth and widening the fiscal gap.
The managed fiscal balance, which strips out social security funds, recorded a deficit of 14.0 trillion won for the January–February window — a figure that points to continued pressure on the government's near-term financial position.
Central government debt stood at 1,312.5 trillion won as of February, swelling by 26.5 trillion won from the preceding month, the data showed.
(1 South Korean won equals approximately $0.00067)
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