Seoul, November 29 (QNA) – South Korea’s tax revenue grew 48.2 trillion won (USD 36 billion) in the first 10 months of 2022 from a year earlier, data showed Tuesday, amid the country’s improved job market.
South Korea’s Ministry of Economy and Finance said Tuesday that tax revenue amounted to 355.6 trillion won in the January-October period, compared with 307.4 trillion won tallied the previous year.
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, according to (Yonhap) news agency.
The collection of income taxes came to 108.5 trillion won through October, up 12.2 trillion won on-year.
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. (QNA)
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