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S. Korea's Q1 2026 Tax Revenue Hits USD72.9B
(MENAFN) South Korea's tax collections surged in the first quarter of 2026, buoyed by robust growth in income and value-added taxes, official government data revealed Thursday.
Total tax revenue reached 108.8 trillion won (approximately 72.9 billion U.S. dollars) in the January–March period, a sharp jump of 15.5 trillion won compared to the same quarter a year earlier, according to the Ministry of Planning and Budget.
The gains were broad-based across multiple tax categories. Income tax collections climbed 4.7 trillion won, value-added tax receipts rose 4.5 trillion won, and securities transaction tax intake expanded by 2.0 trillion won over the period.
When factoring in non-tax revenue, aggregate government receipts reached 188.8 trillion won for the first three months of the year — a substantial increase of 28.9 trillion won year-on-year.
On the spending side, total expenditure swelled by 1.7 trillion won to 211.6 trillion won over the same period, keeping the government in a deficit position for the quarter.
One notable bright spot emerged on the debt front: the central government's outstanding debt stood at 1,303.5 trillion won at the close of March, edging down 9.0 trillion won from the previous month — a modest but meaningful sign of fiscal consolidation amid rising outlays.
Total tax revenue reached 108.8 trillion won (approximately 72.9 billion U.S. dollars) in the January–March period, a sharp jump of 15.5 trillion won compared to the same quarter a year earlier, according to the Ministry of Planning and Budget.
The gains were broad-based across multiple tax categories. Income tax collections climbed 4.7 trillion won, value-added tax receipts rose 4.5 trillion won, and securities transaction tax intake expanded by 2.0 trillion won over the period.
When factoring in non-tax revenue, aggregate government receipts reached 188.8 trillion won for the first three months of the year — a substantial increase of 28.9 trillion won year-on-year.
On the spending side, total expenditure swelled by 1.7 trillion won to 211.6 trillion won over the same period, keeping the government in a deficit position for the quarter.
One notable bright spot emerged on the debt front: the central government's outstanding debt stood at 1,303.5 trillion won at the close of March, edging down 9.0 trillion won from the previous month — a modest but meaningful sign of fiscal consolidation amid rising outlays.
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