S.Korea's tax revenue rises 9.2% in Q1

South Korea's national tax revenue rose 9.2 percent in the first quarter from a year earlier due to positive economic conditions, the tax agency said Monday.


National taxes collected during the first three months of this year reached 47.6 trillion won (43.52 billion U.S. dollars), up 9. 2 percent from the previous year, the National Tax Service (NTS) said in a report submitted to parliament.


By item, income taxes jumped 22.6 percent on-year to 9.7 trillion in the first quarter, leading the first-quarter tax collection on-year expansion, according to the report.


Corporate taxes collected during the first quarter grew 15.6 percent on-year to 12.45 trillion won in the first quarter, with value-added taxes expanding 16.5 percent to 13.46 trillion won. Inheritance and gift taxes rose 7.2 percent on-year to 706.1 billion won over the cited period.


Tax revenue rises were believed to be attributable to improving economic growth in the country. South Korea's gross domestic products (GDP) jumped 4.2 percent in the first quarter from a year earlier.
(Source:http://news.xinhuanet.com)