S. Korea Posts Growth in January-October Tax Revenue

(MENAFN) South Korea recorded substantial tax revenue growth during the first 10 months of this year, driven by significant increases in corporate and income tax collections, official figures released Thursday revealed.

Tax intake reached 330.7 trillion won (approximately 224.81 billion dollars) between January and October, marking a 37 trillion won surge compared to the same period last year, data from the Ministry of Economy and Finance showed.

Corporate tax receipts climbed 22.2 trillion won while income tax collections jumped 11.1 trillion won during the reporting window. Value-added tax revenue contributed an additional 300 billion won to the total.

Combined revenue—encompassing both tax and non-tax sources—hit 540.8 trillion won throughout the January-October timeframe, representing a 42.1 trillion won year-over-year increase.

Overall government spending expanded by 55.6 trillion won, reaching 584.8 trillion won across the initial 10 months of this year.

The managed fiscal balance, which excludes social security fund calculations, registered a deficit of 86.1 trillion won during the January-October period.

Seoul's central government debt climbed to 1,275.3 trillion won by October's end, rising 16.3 trillion won from the previous month's total.

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