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(Yonhap) |
South Korea's tax revenue rose 13.8 trillion won ($12.4 billion) in April from a year earlier due largely to an increase in the collection of capital gains taxes, the finance ministry said Tuesday.
The country collected 44.9 trillion won in taxes in April, compared with 31.2 trillion won the previous year, according to the Ministry of Economy and Finance.
The rise in tax revenue was mainly attributable to an increase in capital gains tax income from housing transactions and fund investments.
In April, the government's total revenue, including tax income, amounted to 65.5 trillion won, also up 18.7 trillion won from a year earlier.
The country's total expenditures grew 6.9 trillion won on-year to 51.8 trillion won due mainly to increased spending on pandemic relief projects.
Accordingly, the country logged a fiscal surplus of 13.8 trillion won in April, the data showed.
The managed fiscal balance, another key gauge of fiscal soundness calculated on a stricter term, logged a surplus of 8.2 trillion won in April.
However, the nation posted a deficit of 40.4 trillion won in the managed fiscal balance for the January-April period.
South Korea is widely expected to post a fiscal deficit this year as it seeks to keep its expansionary fiscal policy to tackle the COVID-19 pandemic.
The government has proposed an extra budget of 15 trillion won to finance the 19.5 trillion-won aid package aimed at supporting smaller merchants and vulnerable groups hit hard by the pandemic.
With the latest extra budget, the country's debt is expected to reach 965.9 trillion won this year, according to the finance ministry. (Yonhap)
