SEJONG-- South Korea's finance ministry said Tuesday that the government expects to see its tax revenue easily surpass the yearly target in 2017 making it possible to repay state bonds earlier than planned.
"The tax income is expected to reach slightly more than 260 trillion won (US$232.5 billion) this year," Finance Minister Kim Dong-yeon said in a parliamentary session in Seoul. "The government is seeking various ways to use the surplus including the repayment of Treasurys."
The South Korean government earlier set this year's tax revenue target at 251.1 trillion won. For the first nine months of the year, however, it has already collected 207.1 trillion won in taxes, accounting for 82.5 percent of the goal.
The strong tax earnings are largely driven by an increase in corporate and income taxes, as well as a steady gain in value-added taxes.
Last year, South Korea also enjoyed a surplus in tax revenue as the total earnings reached 242.6 trillion won, exceeding the original goal by 9.8 trillion won and rising by a record 24.7 trillion won from a year earlier.
Source: Yonhap News Agency