Korea’s tax revenue rises by 21.3 tln won in Jan.-May on strong corporate tax collection

SEOUL, June 30 (Yonhap) -- South Korea's tax revenue rose by more than 21 trillion won (US$15.5 billion) from a year earlier in the first five months of the year, driven largely by a surge in corporate tax collection, the finance ministry said Monday. The government collected 172.3 trillion won in taxes during the January-May period, up from 151 trillion won in the same period last year, according to data from the Ministry of Economy and Finance. The increase was mainly attributed to higher corporate tax revenue, which amounted to 42.7 trillion won during the five-month period, up 51 percent from the same period last year. "The improvement in corporate earnings in 2024, along with higher interest and dividend income, contributed to the increase," a senior ministry official said. Income tax revenue also rose by 6.2 trillion won on-year to 57.7 trillion won over the cited period, largely due to an increase in bonus payments and a higher number of employed workers. Meanwhile, value-added tax revenue declined by 1.1 trillion won during the same period, partly due to increased tax refunds and a base effect from last year's elevated figures. khj@yna.co.kr(END)

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SEOUL, June 30 (Yonhap) — South Korea’s tax revenue rose by more than 21 trillion won (US$15.5 billion) from a year earlier in the first five months of the year, driven largely by a surge in corporate tax collection, the finance ministry said Monday.

The government collected 172.3 trillion won in taxes during the January-May period, up from 151 trillion won in the same period last year, according to data from the Ministry of Economy and Finance.

The increase was mainly attributed to higher corporate tax revenue, which amounted to 42.7 trillion won during the five-month period, up 51 percent from the same period last year.

“The improvement in corporate earnings in 2024, along with higher interest and dividend income, contributed to the increase,” a senior ministry official said.

Income tax revenue also rose by 6.2 trillion won on-year to 57.7 trillion won over the cited period, largely due to an increase in bonus payments and a higher number of employed workers.

Meanwhile, value-added tax revenue declined by 1.1 trillion won during the same period, partly due to increased tax refunds and a base effect from last year’s elevated figures.