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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.
