total revenue-2022 tally
S. Korea's total revenue up 49.8 tln won in 2022
By Kang Yoon-seung
SEOUL, Feb. 10 (Yonhap) -- South Korea's total revenue, including tax gains, advanced 49.8 trillion won (US$39.3 billion) in 2022 from a year earlier, the government data showed Friday, on the back of improved corporate earnings and higher incomes.
For fiscal 2022, the country's total revenue amounted to 573.9 trillion won, rising from 524.2 trillion won tallied a year earlier, according to the Ministry of Economy and Finance.
Its gross expenditures came to 559.7 trillion won last year, up 62.8 trillion won from a year ago on spending for people's livelihoods amid the COVID-19 pandemic.
The government collected 395.9 trillion won in taxes last year, rising from 344.7 trillion won the previous year.
"The growth (in tax collection) was led by an increase in corporate, income and value-added taxes following higher consumption in 2022 and improved business performances in 2021," the ministry said in a statement.
In 2020, the tax revenue fell by 7.9 trillion won due to the fallout of the COVID-19 pandemic. The gain rebounded 58.5 trillion won on-year in 2021.
"However, due to a contraction in the capital market, gains of such taxes, including capital gain and securities transaction taxes, have decreased," it added.
Last year, the collection of corporate taxes advanced 33.2 trillion won on-year on the back of improved business performances.
South Korea also collected 14.6 trillion won more in income tax in 2022 amid the country's sound job market. But the amount of capital gain tax collected fell 4.5 trillion won as the number of houses traded here plunged amid economic uncertainties and higher borrowing costs.
From November 2021 to October 2022, around 571,000 houses were traded in South Korea, falling 50.4 percent from the same period a year earlier.
The amount of value-added tax collected increased 10.4 trillion won following the country's inflation and an increase in consumption. South Korea's consumer prices rose 5.1 percent on-year in 2022.
Import duties advanced 2.1 trillion won on the back of a higher U.S. dollar and a rise in the trading volume.
The Korean won traded at 1,292 won against the greenback on average in 2022, compared to the 1,144 won tallied a year earlier. South Korea's imports reached $731.2 billion in 2022, up 18.9 percent on-year.
The amount of securities transaction taxes collected, meanwhile, fell 4 trillion won on-year in 2022 amid the prolonged slump in the local stock market. The combined trading volume on the country's main bourse came to 2,295 trillion won in 2022, plunging 42.5 percent on-year.
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