Next year's corporate tax revenue is expected to surpass 200 trillion won, overtaking income tax for the first time in 15 years. This is thanks to a semiconductor boom, which in turn is set to increase reliance on corporate taxes paid by Samsung Electronics and SK hynix. It is already estimated that the share of corporate tax accounted for by Samsung Electronics and SK hynix more than doubled from 9% to 22% between last year and the first half of this year.
According to the 2027 national tax revenue budget bill that the Ministry of Economy and Finance submitted to the National Assembly on the 14th, the government expects next year's corporate tax revenue to reach 216.7 trillion won. That is more than double this year's corporate tax revenue based on the supplementary budget (101.3 trillion won). The outlook reflects projections that operating profits at major corporations, including Samsung Electronics and SK hynix, will rise sharply amid the semiconductor boom.
The projected corporate tax revenue for next year exceeds the income tax revenue forecast (180 trillion won). If corporate tax revenue overtakes income tax, it would be the first time since 2012. At that time, income tax revenue was 45.8 trillion won and corporate tax revenue was 45.9 trillion won. Income tax includes not only tax on earned income but also comprehensive income, capital gains, and interest income. The top national tax revenue was value-added tax from 2012 to 2014, and income tax from 2015 through last year.
The share of "Samjeon-nix" in corporate taxes is also trending higher. Corporate tax revenue totaled 49.3 trillion won from January to June this year. Meanwhile, according to the business reports of Samsung Electronics and SK hynix, their corporate tax payments in the first half amounted to 11.2083 trillion won, or 22% of the total. This share was only 9% in the same period last year. As a result, concerns are growing that tax revenue is becoming excessively dependent on specific corporations.
The government says the "future response fund" will serve as a buffer. The future response fund sets aside tax revenue that comes in above the 10-year average and later invests it in youth, growth engines, regions, and education and talent. A government official said, "The basic intent of the future response fund is not to spend tax revenue that suddenly comes in due to special factors through measures such as a supplementary budget that same year, but to set it aside and use it when tax revenue falls short."