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Tax revenues hit a record high last year as income and corporate taxes increased amid improving economic conditions, government data showed Monday.
The National Tax Service said that it collected a total of 166.15 trillion won ($157.9 billion) last year, compared with 154.33 trillion won tallied a year earlier.
The amount was also 3.6 percent or 6 trillion won higher than the government’s initial target set earlier in 2010, the NTS said.
“Tax revenue had decreased by 2 percent during the financial crisis in 2009. However, it was quickly recovered, largely driven by economic recovery, including increased consumer spending and positive performances of major conglomerates,” said an NTS official.
Revenues from income taxes from salaried workers jumped 15 percent to 15.52 trillion won, while corporate tax revenues grew 5.7 percent to 37.27 trillion won, the data showed.
Special consumption taxes imposed on luxury items also spiked 39.1 percent to about 5 trillion won.
Revenue from comprehensive real estate taxes, however, decreased 14.8 percent to hit 1.29 trillion won, the lowest since its 2006 adoption amid a frozen market and taxation revision.
The amount was less than half the 2.4 trillion won collected in 2007, when real estate prices peaked.
The NTS aims to collect 175 trillion won in taxes this year, up 9 trillion won from last year. During the four months of this year, the cumulative tax revenues amounted to 73.4 trillion won, up 7.6 trillion won compared to the same period last year.
By Lee Ji-yoon (jylee@heraldcorp.com)
The National Tax Service said that it collected a total of 166.15 trillion won ($157.9 billion) last year, compared with 154.33 trillion won tallied a year earlier.
The amount was also 3.6 percent or 6 trillion won higher than the government’s initial target set earlier in 2010, the NTS said.
“Tax revenue had decreased by 2 percent during the financial crisis in 2009. However, it was quickly recovered, largely driven by economic recovery, including increased consumer spending and positive performances of major conglomerates,” said an NTS official.
Revenues from income taxes from salaried workers jumped 15 percent to 15.52 trillion won, while corporate tax revenues grew 5.7 percent to 37.27 trillion won, the data showed.
Special consumption taxes imposed on luxury items also spiked 39.1 percent to about 5 trillion won.
Revenue from comprehensive real estate taxes, however, decreased 14.8 percent to hit 1.29 trillion won, the lowest since its 2006 adoption amid a frozen market and taxation revision.
The amount was less than half the 2.4 trillion won collected in 2007, when real estate prices peaked.
The NTS aims to collect 175 trillion won in taxes this year, up 9 trillion won from last year. During the four months of this year, the cumulative tax revenues amounted to 73.4 trillion won, up 7.6 trillion won compared to the same period last year.
By Lee Ji-yoon (jylee@heraldcorp.com)
