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Oil-related tax revenue hits record high in 2016

Oil-related tax revenueOil-related tax revenue in South Korea reached a record high last year as low oil prices fueled demand for petroleum goods, government data showed Monday.

The country’s oil tax revenue totaled a record 23.7 trillion won (US$20.6 billion) in 2016, up 8.9 percent from a year earlier, according to the data.

The figure has been on the rise since 2014 when global oil prices started to fall. It rose to 20.8 trillion won in 2014 and 21.8 trillion won in 2015 from 20.4 trillion won in 2013.

The uptick in oil tax income came from a rise in consumption of gasoline and other petroleum products.

Sales of gasoline rose 3.3 percent to a record 79 million barrels last year from a year ago, while 166.7 million barrels of diesel were sold, up 6.6 percent on-year.

Under the current taxation system, a lump sum of 529 won of tax is imposed on one liter of gasoline.

Despite a protracted economic slump, the South Korean government saw its total tax revenue amount to 242.6 trillion won last year, exceeding the original target by 9.8 trillion won and increasing by a record 24.7 trillion won from a year earlier.

The Orginal Posted by brk@yna.co.kr/Yonhap News

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