Seoul:South Korea's tax revenue experienced a notable increase of 26.4 trillion won (US$19.6 billion) in September compared to the previous year, primarily due to higher corporate tax collections driven by improved earnings among chipmakers.
According to Yonhap News Agency, the government collected a total of 55.2 trillion won in taxes last month, as reported by the Ministry of Finance and Economy. The corporate tax revenue saw a significant rise of 23.6 trillion won, reaching 36.2 trillion won, attributed to the enhanced earnings within the chipmaking sector.
The income tax revenue also increased by 1.2 trillion won, totaling 9.7 trillion won, largely due to a rise in the number of regular workers. Additionally, a surge in housing transactions led to higher capital gains tax collections. Other noteworthy increases included inheritance and gift taxes, which rose by 200 billion won, partly due to an increase in housing gift transactions that grew to 7,000 in June, marking a 31.2 percent rise from 5,300 a year earlier.
For the first nine months of the year, covering the January-September period, total tax collections amounted to 385 trillion won, marking an increase of 95.4 trillion won from the same period the previous year.