S.Korea's tax revenue logs double-digit growth in 2021

South Korea's tax revenue logged a double-digit growth last year thanks to economic recovery and higher housing prices, the finance ministry said Friday.

The country's gross revenue, including tax revenue, amounted to 524.2 trillion won (436.9 billion U.S. dollars) in the fiscal year of 2021, while the gross expenditure reached 496.9 trillion won, according to the Ministry of Economy and Finance.

Excluding 4 trillion won carried forward into this year, the country recorded a surplus of 23.3 trillion won last year.

Tax revenue totaled 344.1 trillion won in 2021, up 20.5 percent from the previous year.

The collection of corporate tax advanced 26.8 percent to 70.4 trillion won on robust export and the economic recovery from the COVID-19 pandemic.

Value added tax collected in 2021 stood at 71.2 trillion won, up 9.7 percent compared to the previous year.

The collection of capital gains tax soared 55.2 percent to hit a new high of 36.7 trillion won on higher home prices, and the figure for comprehensive real estate tax surged 70.3 percent to 6.1 trillion won.

The government collected 10.3 trillion won in securities transaction tax last year, topping 10 trillion won for the first time. (1 U.S. dollar equals 1,199.25 won)