High-income earners up in 2007: tax agency

SEOUL, Dec. 29 (Yonhap) -- The number of South Koreans earning more than 100 million won (US$80,000) a year jumped nearly 10 percent in 2007, government data showed Monday.

According to the data provided by the National Tax Service, 92,156 people earned
an annual salary of 100 million won or more last year, up 9.9 percent from a year
earlier.
Including business, interest and rental incomes, a total of 8,626 people pulled
in annual earnings exceeding 500 million won in 2007, up 27.6 percent from a year
earlier, the data showed. Those who earned more than 40 million won annually from
financial transactions only also jumped 71.1 percent to 61,475.
With the increase in the number of such high-income earners, South Korea's state
tax revenues surged 17.5 percent to 153.1 trillion won last year, the data
showed.
The government brought in 40.9 trillion won by levying value added taxes last
year, which accounted for the largest part of the total taxation. Income and
corporate taxes came next with 38.9 trillion won and 35.4 trillion won, according
to the data.
kokobj@yna.co.kr
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