Corporate tax revenue hits record high in 2017
[THE INVESTOR] Tax revenue from corporate income in Korea reached a record high last year on the back of improved business earnings, data showed on Feb. 13.
According to the Finance Ministry, the government collected 59.2 trillion won (US$54.70 billion) in corporate income tax last year, up 7.1 trillion won from a year earlier.
Korea posted a budget surplus for the third year in a row in fiscal 2017 as its tax revenue rose sharply on increased corporate and value added taxes.
The gross revenue that the government brought in last year came to 359.5 trillion won, while its expenditures totaled 342.9 trillion won.
Value added taxes amounted to 67 trillion won, up 5.3 trillion won from a year earlier.
By Song Seung-hyun and newswires (firstname.lastname@example.org)