Korea's fiscal deficit at KRW 33.1 trillion despite Q1 tax revenue rise of KRW 22.6 trillion

[Graphics by Song Ji-yoon]

Korea added 22.6 trillion won ($17.8 billion) in tax revenue in Q1 versus a year ago on 10.9 trillion additions in corporate tax and 35.3 trillion won in income tax on improved business activity. VAT revenue rose 4.5 trillion won. When counting in other incomes, total income was 170.4 trillion won, up 18.2 trillion won. Spending was higher at 203.4 trillion won, up 21.3 trillion won, putting public finance in the red by 33.1 trillion won. Debt added by 42.8 trillion to 981.9 trillion won as of March from three months ago with government bond issues at 18.9 trillion won.

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