Tax revenue up 43.1 tln won through Sept.

SEOUL– South Korea’s tax revenue grew 43.1 trillion won (US$30.3 billion) in the first nine months of 2022 from a year earlier, data showed Monday, due to improved corporate income tax.

Tax revenue amounted to 317.6 trillion won in the January-September period, compared with 274.5 trillion won tallied the previous year, according to the Ministry of Economy and Finance.

In September, the government collected 28.3 trillion won in taxes, up 2.1 trillion won from a year earlier.

The ministry attributed the growth in tax revenue to an improved job market and better corporate earnings reports.

The nation collected corporate taxes of 95.7 trillion won in the first nine months, up 30.6 trillion won on-year.

The collection of income taxes came to 98.7 trillion won, also rising 11.9 trillion won over the period.

But the collection of stock transactions taxes fell 3 trillion won on-year to 5.1 trillion won in the January-September period due to the bearish market.

The government saw the collection of value-added taxes rise 4.5 trillion won to 61.1 trillion won, led by increased private spending and imports, the data added.

Source: Yonhap News Agency

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