The Ministry of Finance and Economy said on the 31st that national tax revenue from January to July this year totaled 274 trillion won, up 41.4 trillion won (17.8%) from a year earlier. Income tax rose by 12.2 trillion won (15.8%) as performance bonuses paid by corporations increased.

At the Samsung Electronics Suwon Campus in Yeongtong-gu, Suwon, Gyeonggi Province, employees in the Device eXperience (DX) institutional sector arrive at work dressed in black to protest the performance bonus gap with the semiconductor (DS) institutional sector. /Courtesy of News1

According to the Ministry of Finance and Economy's "July national tax revenue status" released that day, the execution rate—the share of revenue collected so far relative to this year's budgeted national tax revenue (415.4 trillion won)—was 66%. That is higher than last year (62.2%) as well as the recent five-year average (63.5%).

By tax item, income tax revenue came to 89.3 trillion won as performance bonuses increased. Next, value-added taxes revenue reached 69.4 trillion won, up 8.1 trillion won (13.1%) from a year earlier. This was driven by higher private consumption and increased import values. Corporate tax revenue was 51.8 trillion won, an increase of 4.4 trillion won (9.3%) from a year earlier.

Inheritance and gift taxes totaled 11.4 trillion won, 1.2 trillion won (11.4%) more than last year. The security transaction tax raised 1.8 trillion won last year, but this year revenue surged to 8.2 trillion won, more than quadrupling. That was because stock transaction amounts increased. Accordingly, The Special Tax for Rural Development, which is levied on the security transaction tax, also jumped from 4.6 trillion won last year to 13.1 trillion won this year.

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