Tax revenue up $2.5 bil. in February on increased stock transactions

Korea's tax revenue increased by 3.8 trillion won ($2.5 billion) in February from a year earlier, driven by a surge in tax collection from stock trading, government data showed Tuesday. The government collected 18.1 trillion won in taxes last month, up 26.4 percent from the same period last year, according to the data from the Ministry of Finance and Economy. The increase was largely fueled by a rise in revenues from securities transaction tax and income tax, which jumped 1 trillion won and 900 billion won, respectively, from the same month a year earlier, the ministry said. Securities transaction tax revenue, in particular, more than quadrupled, from 300 billion won to 1.3 trillion won over the cited period, boosted by a rise in stock trading volume, with the benchmark Korea Composite Stock Price Index once surpassing the unprecedented 6,000 point mark last month. Such a surge in tax revenue is also attributable to a 0.05 percentage-point increase in securities transaction tax rates, the ministry added. Income tax revenue rose to 14.1 trillion won in February from 13.2 trillion won a yea

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