tax revenue-January tally
S. Korea's tax revenue down 6.8 tln won in Jan.
By Kang Yoon-seung
SEOUL, Feb. 28 (Yonhap) -- South Korea's tax revenue fell 6.8 trillion won (US$5.14 billion) in January from a year earlier amid the slump in the property and securities market, data showed Tuesday.
The government collected 42.9 trillion won in taxes in January, compared with 49.7 trillion won the previous year, according to the Ministry of Economy and Finance.
The ministry said the decrease in tax revenue was partly blamed on higher gains in January 2022, as it collected more deferred taxes from businesses that were allowed to delay their payments during the COVID-19 pandemic.
Considering the factor, the ministry said the actual decrease in the tax revenue is estimated at around 1.5 trillion won.
By sector, the government's income tax collection moved down 800 billion won over the period to 12.4 trillion won, due to the collection of less capital gains taxes amid the slump in the local housing market following higher borrowing costs.
The number of homes traded in December came to 28,603, plunging 46.8 percent from a year earlier, according to separate data released by the finance ministry this month.
The collection of corporate taxes fell 700 billion won to 2.1 trillion won due to the base effect. That of value-added taxes also moved down 3.7 trillion won to 20.7 trillion won.
Taxes from stock transactions dropped 400 billion won to 800 billion won amid the bearish market, the data showed.
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