Sejong, April 9 (Yonhap) South Korea earns in 2012 246,9 billions of dollars through taxes and other incomes slightly below to the government’s objective, said last Tuesday the Ministry of Strategy and Finance.
According to the closing accounts for the previous budgetary procedure determined by the Minister, tax receipts and other disparities was lower than the 248,1 billions of dollars included in the 2012 budget.
Revenues represent an increased of 10,4 billions of dollars compared to the previous year, said the Minister.
The Government spent close to 241,2 billions of dollars in 2012, completing the 95% of planned spending concerns. The amount implies an increase of 13,9 billions of dollars over the previous year, according to the report.
The consolidated tax surplus reached the 16,2 billions of dollars through the social security funds, according to the report.
However, the fiscal current, with the exception of the Social security funds, registered a deficit of 15,3 billions of dollars. This deficit is due to the taxes revenues lower than expected and the anticipated implemention in the public budgets aiming to help the economic deceleration.
