Tax revenue increases for the 8th consecutive month in August.

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SEOUL, Oct. 12 (Yonhap) – South Korea’s tax revenues increased for the eighth consecutive month in August amid an economic recovery and booming asset markets, the finance ministry said on Tuesday. .

The country collected 24.6 trillion won ($ 20.5 billion) in taxes in August, up 600 billion won from the previous year, according to the Economy and Finance Ministry.

The government has said tax revenues have increased so far this year as corporate tax revenues have increased in line with the economic recovery, while a boom in the stock and real estate markets has increased the income of the country. capital gains tax.

But August’s gain slowed sharply from an increase of 6.3 trillion won in July.

In the first eight months of the year, tax revenues increased by 55.7 trillion won in one year to reach 248.2 trillion won.

During the January-August period, total government income, including tax revenue, amounted to 397.5 trillion won, up 79.7 trillion won from the previous year.

The country’s gross spending increased from 38.6 trillion won in one year to 427.3 trillion won in the cited period due to increased budget spending during the pandemic.

As a result, the country posted a budget deficit of 29.8 trillion won in the eight-month period, improving from a deficit of 70.9 trillion won a year earlier.

Central government debt stood at 927.2 trillion won at the end of August, compared with 819.2 trillion won at the end of last year. The ministry previously predicted that debt would reach 937.8 trillion won this year.

The finance ministry has proposed a record budget of 604.4 trillion won for next year to maintain its expansionary fiscal policy. This will mark an increase of 8.3% from 558 trillion won this year.

With the grand spending plan, the country’s national debt is expected to reach 1,068.3 trillion won next year and the debt-to-GDP ratio will reach 50.2 percent, according to the ministry’s estimate.

But the government has said the country is expected to record a lower budget deficit in 2022, as tax revenues increase alongside the economic rebound.

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