The Ministry of the Interior and Safety said on the 24th that last year's annual local government tax revenue totaled 120.9 trillion won, up 6.8 trillion won from the previous year (114.1 trillion won).
Last year's local government tax revenue was the highest on record. Local government tax revenue first exceeded 100 trillion won in 2020 and continued to rise through 2021 (112.8 trillion won) and 2022 (118.6 trillion won). After falling in 2023 (112.5 trillion won), it has risen for two consecutive years from 2024 (114.1 trillion won).
By major tax item last year, acquisition tax was the largest at 27.5 trillion won, up 1.6 trillion won from the previous year. It was followed by local government consumption tax (26.8 trillion won) and local income tax (22.9 trillion won). They increased by 900 billion won and 2.9 trillion won, respectively, from the previous year.
The Ministry of the Interior and Safety (MOIS) said acquisition tax surged due to an increase in real estate transactions such as dwellings sales.
In contrast, license and registration tax revenue was 2 trillion won, down 100 billion won from the previous year. Revenue from the tobacco consumption tax and the leisure tax also declined.
Meanwhile, the detailed breakdown of last year's local government tax revenue will be finalized after local governments complete the settlement of account for revenue. It is scheduled to be released in October this year through platforms such as Local Finance 365.