S.Korea's total gov't revenue falls for 1st 9 months of 2020
Source: Xinhua | 2020-11-11
The South Korean government's total revenue fell for the first nine months of this year amid the prolonged COVID-19 pandemic, the finance ministry said Tuesday.
The total government revenue amounted to 354.4 trillion won (317.5 billion U.S. dollars) in the January-September period, down 5.1 trillion won (4.6 billion U.S. dollars) from the same period of last year, according to the Ministry of Economy and Finance.
National tax revenue retreated to 214.7 trillion won (192.3 billion U.S. dollars) in the nine-month period from 228.1 trillion won (204.4 billion U.S. dollars) tallied a year earlier amid the negative effect from the COVID-19 outbreak.
Income tax revenue increased from 60.7 trillion won (54.4 billion U.S. dollars) to 65.1 trillion won (58.3 billion U.S. dollars) in the cited period, while corporate tax revenue tumbled from 65.8 trillion won (59.0 billion U.S. dollars) to 50.0 trillion won (44.8 billion U.S. dollars).
The government's non-tax revenue climbed from 18.7 trillion won (16.8 billion U.S. dollars) to 19.6 trillion won (17.6 billion U.S. dollars) in the same period.
The total government expenditure reached 434.8 trillion won (389.5 billion U.S. dollars) for the first nine months of this year, up 48.8 trillion won (43.7 billion U.S. dollars) from the same period of last year.
The surge in fiscal expenditure was attributable to supplementary budgets. The government implemented four extra budgets worth about 66 trillion won (59.1 billion U.S. dollars) this year to address the economic fallout from the COVID-19 pandemic.
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