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S. Korea logs budget surplus for 3rd straight year in 2017

2018/02/09 14:41

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SEJONG, Feb. 9 (Yonhap) -- South Korea posted a budget surplus for the third year in a row in fiscal 2017 as its tax revenue rose sharply on increased corporate and value added taxes, the finance ministry said Friday.

The gross revenue that the government brought in last year came to 359.5 trillion won (US$330 billion), while its expenditures totaled 342.9 trillion won, according to the Ministry of Strategy and Finance after closing its books for the fiscal year.

With 4.9 trillion won worth of the balance carried forward to this year, the surplus reached 11.3 trillion won last year, up from 8 trillion won tallied in 2016.

In 2015, the surplus reached 2.8 trillion won.

Tax revenue amounted to 265.4 trillion won in 2017, increasing by 22.8 trillion won from a year earlier.

Corporate tax earnings jumped 7.1 percent on-year to 59.2 trillion won last year, while value added taxes amounted to 67 trillion won, up 5.3 percent from a year earlier.

A 6.6 percent on-year gain in income tax also lent support to the uptick in total tax revenue, according to the ministry.