S. Korea posts tax revenue of 39.1 trillion won in October

South Korea collected 39.1 trillion won in taxes in October, up by 6.8 trillion won from last year's 32.3 trillion won, due to a 4.1 trillion increase in income tax revenue to 10.5 trillion won.

In October, South Korea's total revenue amounted to 55.2 trillion won, up 8.5 trillion won from a year ago. The total revenue for the first ten months reached 409.5 trillion won, up 3.3 trillion won on-year.

Meanwhile, the country's total expenditures jumped grew 2.1 trillion won on-year to 33.7 trillion won in October mainly due to pandemic-induced emergency handouts.

In the first ten months, total expenditures reached 468.5 trillion won, up 50.9 trillion won from last year.

However, the consolidated fiscal balance posted a deficit of 59 trillion won in the first 10 months of the year, increasing from a 47.6 trillion won deficiency a year earlier.

The management of fiscal balance also logged a shortfall of 90.6 trillion won in the January-October period, increasing from the 45.1 trillion won deficit last year.