National tax collected through Nov. this year increased by 37.9 trillion won from a year earlier. Corporate tax and income tax rose sharply, lifting overall national tax revenue.
According to the national tax revenue status released by the Ministry of Economy and Finance on the 31st, cumulative national tax revenue from January to November was 353.6 trillion won, up 37.9 trillion won from the same period a year earlier. The collection progress rate was 95.0%, higher than the 93.8% in the same period last year.
By tax item, corporate tax led the increase. Corporate tax rose by 22.2 trillion won from a year earlier. As corporations' earnings improved in 2024 and in the first half of this year, interim prepayments increased. Interim prepayment is a system in which a company pays half of the previous year's calculated tax in advance or partially pays tax by preparing a provisional settlement based on its results in the first half of this year.
Income tax increased by 12.3 trillion won. With the number of workers and total wages rising and with broader bonus payments, earned income tax increased, and capital gains tax revenue also grew on the back of strong overseas stock investing.
In addition, value-added taxes fell by 500 billion won, due in part to increased refunds. The transportation tax increased by 1.8 trillion won as part of the flexible fuel tax rate was restored, while the security transaction tax decreased by 1.4 trillion won due to a rate cut.
National tax revenue collected in Nov. alone was 22.9 trillion won, up 700 billion won from the same month a year earlier. While income tax, The Special Tax for Rural Development, and the transportation tax increased, value-added taxes and inheritance and gift taxes decreased.