The government snapped a three-year long budget deficit rally last year on the back of increased tax revenues.

The Ministry of Strategy and Finance said Tuesday that the government collected 206-point-two trillion won, or 170-point-two billion dollars, in tax revenue last year through November. That's up 16-point-eight trillion won from the same period in 2014.

The tax revenue progress rate, or the actual percentage of tax collected for the tax revenue target, stood at 95-point-six percent between January and November, raising the expectation that last year will be the first time in four years the rate will reach 100 percent.

The ministry said the boost in revenues are attributed to an increase in real estate transactions that produced more incoming transfer income tax and composite income tax, along with increased tobacco price hikes.

Income tax revenues and corporate tax revenues increased seven-point-four trillion won and three-point-three trillion won, respectively, from the same period in 2014. Meanwhile, others including individual consumption tax revenues grew four-point-three trillion won.

However, the government’s fiscal account, excluding social security funds such as national pension, posted a deficit of 30-point-one trillion won.