Korea's Jan-July tax revenue up $47mn on year, debt at record high of $782 bn

South Korea’s tax revenue added 55.1 trillion won from a year-ago to hit 223.7 trillion won (191.4 billion) for January to July period on increased corporate income and thriving asset market. Corporate tax collection increased by 10.9 trillion won, income tax revenue by 22.4 trillion won, and transfer income tax from real estate and securities trades by 9.1 trillion won, according to the Ministry of Economy and Finance’s monthly fiscal report on Thursday. The government debt swelled to fresh peak of 914.2 trillion won on record expansionary spending to tackle Covid-19 fallouts. National debt (D1) is projected to reach 965.3 trillion won and debt to GDP ratio 47.3% this year.

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