Tax revenue up $6 bil. in July on higher wages, brisk stock trading
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Korea's tax revenue rose by 8.4 trillion won ($6 billion) in July from a year earlier on higher collections of income and securities transaction taxes, data showed Monday.
The government collected 51 trillion won in taxes last month, according to the Ministry of Finance and Economy.
Income tax revenue rose by 1.8 trillion won to 13.6 trillion won. The finance ministry attributed the increase partly to higher wages and increased housing transactions.
The country's bullish securities markets also contributed to the growth, with securities transaction tax collection rising by 1.1 trillion won to 1.4 trillion won.
Value-added tax revenue increased by 3.2 trillion won to 24.6 trillion won due to growth in imports.
For the January-July period, Seoul's tax earnings came to 274 trillion won, up a sharp 41.4 trillion won from a year earlier.