In its report released on May 29, the ministry stated that tax revenue for April reached 55.2 trillion won, marking an increase of 6.3 trillion won (12.9%) compared to the same month last year.
Corporate tax revenue rose significantly by 2.2 trillion won to 12.8 trillion won, largely due to improved corporate performance. A ministry official noted, "The increase includes amounts reported by semiconductor companies in March that were paid in installments, as well as figures from financial institutions' consolidated tax filings."
The official added, "The rise in operating profits for semiconductor companies will likely have a more significant impact on the mid-term tax payments due in August and September rather than this reporting period."
Income tax also saw an increase of 1.3 trillion won, totaling 9.7 trillion won. This rise was driven by higher performance bonuses and an increase in capital gains tax from rising stock prices.
The securities transaction tax surged by 1.1 trillion won to 1.3 trillion won, more than five times higher than last year. The official explained, "The increase in securities transactions in March led to a rise in transaction taxes submitted in April, while the special rural tax also increased by 1.3 trillion won due to higher trading volumes on the KOSPI."
Value-added tax increased by 300 billion won to 21.2 trillion won, and inheritance and gift taxes rose by 200 billion won to 3.5 trillion won, attributed to an increase in real estate gifts. The individual consumption tax and transportation, energy, and environmental taxes each rose by 100 billion won.
As a result of the increase in April tax revenue, the cumulative tax revenue for the year reached 164.1 trillion won, up 21.9 trillion won from the previous year. The revenue progress rate stands at 39.5%, surpassing last year's rate of 38.0% and the average of 38.6% over the past five years.
With the increase in tax revenue, the government anticipates a larger surplus for the year. Earlier, the government projected an excess tax revenue of 25.2 trillion won while preparing the first supplementary budget for the year.
A ministry official stated, "To align with last year's performance of 373.9 trillion won, we need an increase of 41.5 trillion won this year. We have already secured about half of that, so there should be no major issues in meeting the supplementary budget amount."
However, the official cautioned, "With first-half results still pending, there is currently no data indicating a large surplus will occur, so we will need to monitor corporate tax revenue in the second half."
* This article has been translated by AI.
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