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Biz News Korea(Eng)

S. Korea’s tax revenue rises by record high in 2016

Collected: 2017.02.10

Distributed: 2017.02.13

Source: Go Direct

Despite worsening economic conditions and performance, the Korean government was able to report a surplus of nearly $9 billion in tax revenue last year.

According to the governments’ final fiscal settlements for 2016, tax revenue totaled 242.6 trillion won ($211.3 billion), rising by a record high of 24.7 trillion won from 2015 and exceeding the government-set target by 9.8 trillion won.

In approving the settlement report, deputy prime minister for economy Yoo Il-ho attributed the bigger-than-expected tax revenue to last year’s housing boom from eased regulations to bolster domestic demand amid lackluster spending and increased corporate income from cheaper won and oil prices.

Experts point out that if the government had predicted tax revenue better, it could have been more proactive in creating supplementary budget in the second half of last year to help accelerate recovery.

By Kim Gyu-sik

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