(News1)
South Korea’s tax revenue rose 15.5 trillion won ($10.4 billion) in the first quarter from a year earlier to 108.8 trillion won, thanks to the recovery in the semiconductor industry and strong stock market performance.
According to the data released by the Ministry of Planning and Budget on Thursday, total revenue for the first quarter reached 188.8 trillion won, up 28.9 trillion won from the same period last year.
Of this amount, national tax revenue totaled 108.8 trillion won, an increase of 15.5 trillion won on year. The rise was driven by a 4.7 trillion won increase in income tax, a 4.5 trillion won increase in value-added tax, and a 2 trillion won increase in securities transaction tax.
Cumulative total expenditure for the first quarter rose 1.7 trillion won on year to 211.6 trillion won. The consolidated fiscal balance, calculated by subtracting total expenditure from total revenue, showed a deficit of 22.8 trillion won, improving 27.2 trillion won from a year earlier.
The managed fiscal balance, regarded as a key measure of the government’s fiscal health, recorded a deficit of 39.6 trillion won, improving 21.7 trillion won from a year ago. The managed fiscal balance excludes social security funds from the consolidated fiscal balance.
The managed fiscal deficit was the smallest since 2020, when it stood at 55.3 trillion won.
Outstanding central government debt stood at 1,303.5 trillion won as of the end of March, down 9 trillion won from the previous month, data showed.
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