As of July this year, the total national tax collected has increased by 24 trillion won compared to the same period last year. The increase in corporate tax and income tax revenue was due to improved business performance and increased employment among corporations last year.
According to the 'National Tax Revenue Status for July' announced by the Ministry of Economy and Finance on the 29th, the cumulative national tax revenue as of last July was recorded at 232.6 trillion won, an increase of 23.8 trillion won compared to the same period last year.
Corporate tax and income tax have significantly increased. From January to July, corporate tax increased by 14.5 trillion won compared to the same period last year, with a growth rate of 43.8%. This was influenced by improved domestic corporations' performance and increased corporate interest and dividends.
Income tax also increased by 9 trillion won. The rise in earned income tax revenue was due to performance bonuses related to improved corporate performance and increased employment. Revenue from capital gains tax also rose due to strong overseas stock investments.
In contrast, value-added taxes decreased by 1.5 trillion won due to increased refunds and tax relief effects. Security transaction taxes and transportation taxes also decreased by 1.3 trillion won and 1 trillion won, respectively.
The national tax revenue progress rate, which is the actual income ratio compared to the annual national tax revenue target, recorded 62.5% as of July. This is an increase of 0.5 percentage points compared to last year's progress rate of 62%.
In July alone, national tax revenue recorded 42.6 trillion won. Although value-added taxes decreased, the increase in capital gains tax and earned income tax resulted in a tax revenue increase of 2.4 trillion won compared to the same month last year.
Notably, the increase in transaction amounts for the Korea Composite Stock Price Index (KOSPI) led to a 300 billion won increase in The Special Tax for Rural Development.
Additionally, corporate tax and inheritance tax each increased by 100 billion won, while special consumption tax and securities tax each decreased by 100 billion won.