The Ministry of Finance and Economy said on the 30th that government income tax revenue for January to March rose 15.3% year over year to 35 trillion won. Thanks to the semiconductor boom, large corporations such as Samsung Electronics and SK hynix paid bigger employee bonuses, padding the government's coffers.
According to the ministry that day, national tax revenue for January to March was 108.8 trillion won, up 16.7% (15.5 trillion won) from a year earlier.
Income tax, which accounts for the largest share, reached 35 trillion won, up 15.3%. A ministry official said, "With an increase in corporations' performance bonuses, earned income tax rose, and as real estate transaction volume increased, capital gains tax revenue also grew."
Corporate tax also came in at 26.2 trillion won, up 3.8% year over year, on improved results at corporations such as in semiconductors. Value-added taxes revenue rose 23.8% to 23.1 trillion won.
The security transaction tax totaled 2.8 trillion won, surging 234.6%. That is because stock transaction value has steadily increased and the security transaction tax was raised. The tax had not been levied on the KOSPI market through last year but was newly imposed at 0.05% this year, and the KOSDAQ market rate was raised from 0.15% to 0.20%.