SEOUL– South Korea’s tax revenue grew 48.2 trillion won (US$36 billion) in the first 10 months of 2022 from a year earlier, data showed Tuesday, amid the country’s improved job market.
Tax revenue amounted to 355.6 trillion won in the January-October period, compared with 307.4 trillion won tallied the previous year, according to the Ministry of Economy and Finance.
In October, the government collected 38.1 trillion won in taxes, up 5.2 trillion won from a year earlier.
The ministry attributed the growth in the revenue to an improved job market, leading to gains in income tax.
The collection of income taxes came to 108.5 trillion won through October, up 12.2 trillion won on-year.
South Korea added jobs for the 20th straight month in October, data showed earlier, although the growth continued to slow for the fifth month in a row amid high inflation and slowed growth.
The nation also collected corporate taxes of 99.8 trillion won in the first 10 months, up 32.5 trillion won on-year.
But the collection of taxes from stock transactions fell 3.3 trillion won on-year to 5.5 trillion won in the January-October period due to the bearish market amid monetary tightening in major economies.
The government saw the collection of value-added taxes rise 7.7 trillion won on-year to 79.6 trillion won through October this year, led by increased private spending and imports, the data showed.
Source: Yonhap News Agency