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CONSUMER-RELATED KOREAN TAX REVENUES DECLINE BY 2.2% IN 2001.
SEOUL, Feb 4 Asia Pulse - Economic slowdown and reduced spending resulted in state tax earnings related to consumption declining by 2.2 per cent in 2001, the National Tax Service (NTS) said Tuesday.
The tax office said revenues generated from taxes like liquor, securities transactions and telephone services fell to 17.87 trillion won from 18.27 trillion won in 2000.
NTS officials attributed the dip in earnings to the drop in prices for key exports items like semiconductors and a sluggish U.S. economy.
In particular, the slow economic recovery abroad exerted an impact on the bourse where the state collected 1.86 trillion won worth of taxes at the end of 2001 compared to the 2.75 trillion won brought in the year before. This represents a drop of ...
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Source: HighBeam Research, CONSUMER-RELATED KOREAN TAX REVENUES DECLINE BY 2.2% IN 2001.