Tax revenue collected in the first two months of this year increased by nearly eleven trillion won compared to last year.
 
A monthly update of the government’s fiscal status released by the Ministry of Strategy and Finance on Tuesday showed that national tax revenue from January to February stood at 42-point-seven trillion won, up ten-point-nine trillion from the same period last year.
 
The ministry said that the collection of value added tax recorded the largest growth to four-point-eight trillion won, thanks to improved domestic consumption late last year.
 
Two-point-eight trillion won was gathered in income tax, a result from an increased number of employees and a rise in nominal wages.
 
The government’s total revenue from January to February was tallied at 65-point-nine trillion won, less than its total expenditure at 68 trillion won.
 
A five-point-seven-trillion-won deficit was posted in the fiscal balance excluding social security funds such as the national pension.
 
But the fiscal deficit decreased by eight-point-four trillion won from the same period last year.