As of July this year, cumulative national tax revenue reached 274 trillion won, an increase of 41.4 trillion won compared to the previous year, driven by rises in income tax, corporate tax, and value-added tax.
According to the Ministry of Finance on the 31st, national tax revenue for July was 51 trillion won, up 8.4 trillion won from the same period last year. This increase is attributed to a steady rise in value-added tax, securities transaction tax, and income tax.
By tax category, value-added tax increased by 3.2 trillion won due to higher confirmed reports in the first quarter and increased import amounts. The import amount rose by 26.5%, from 54.21 billion dollars in July last year to 68.57 billion dollars last month.
The securities transaction tax increased by 1.1 trillion won, while the special rural tax rose by 2 trillion won. A ministry official stated, "The increase in securities transaction volume and the restoration of tax rates have led to an expansion of over 1 trillion won in securities transaction tax," adding, "The significant rise in KOSPI trading volume also contributed to the increase in special rural tax."
Increased total salary payments have also contributed to the rise in labor income tax, affecting the overall increase in income tax. Additionally, the increase in housing transaction volume has led to a rise in capital gains tax, with July income tax increasing by 1.8 trillion won compared to the previous year. The number of housing transactions rose by 6.0%, from 62,700 in May last year to 66,500 in May this year.
Furthermore, customs duties increased by 200 billion won due to rising import amounts, while corporate tax, inheritance and gift tax, and individual consumption tax each rose by 100 billion won. However, the transportation energy environment tax decreased by 300 billion won due to the expansion of reduced fuel tax rates.
From January to July, cumulative national tax revenue totaled 274 trillion won, an increase of 41.4 trillion won compared to the previous year, showing a consistent upward trend in income tax, corporate tax, and value-added tax.
The tax revenue progress rate as of July stands at 62.2%, slightly lower than the recent five-year average of 63.5% and last year's rate of 66.0%.
* This article has been translated by AI.
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