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[BUSINESS] · South Korea · 5 sources

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Part of situation: South Korea fiscal, tax reform, and wealth fund updates (10 clusters)

South Korea national tax revenue hits 274 trillion won through July

national tax revenue South Korea economy securities transaction tax income tax value-added tax

South Korea's cumulative national tax revenue from January to July reached 274 trillion won, marking an increase of 41.4 trillion won compared to the same period last year. According to the Ministry of Economy and Finance, the tax revenue progress rate against the annual budget stands at 66.0%, surpassing both the previous year's rate of 62.2% and the five-year average of 63.5%.

The growth was primarily driven by increases in income tax, value-added tax, and stock-related taxes. Income tax saw the largest cumulative rise of 12.2 trillion won, fueled by higher earned income from performance bonuses and increased capital gains tax from rising real estate transactions. Value-added tax rose by 8.1 trillion won due to increased private consumption and imports.

Stock market activity also significantly boosted revenue. Securities transaction tax and the Special Tax for Rural Villages increased by 6.4 trillion won and 8.5 trillion won, respectively, following a surge in stock trading volume and tax rate adjustments. Additionally, corporate tax rose by 4.4 trillion won as business performance improved. Conversely, taxes related to transportation, energy, and the environment decreased by 300 billion won due to expanded fuel tax reductions.

Entities

Ministry of Economy and Finance

Claims

What the coverage asserts, and how many sources carry each claim.

  • [● 2 SOURCES] Transportation, energy, and environmental taxes decreased by 300 billion won due to fuel tax cuts. www.newstomato.com
  • [● 2 SOURCES] Income tax saw the largest cumulative increase of 12.2 trillion won. www.newstomato.com
  • [● 2 SOURCES] The tax revenue progress rate against the budget is 66.0%. www.newstomato.com
  • [● 2 SOURCES] Cumulative national tax revenue from January to July reached 274 trillion won. www.newstomato.com
  • [● 2 SOURCES] Value-added tax increased by 8.1 trillion won cumulatively. www.newstomato.com
  • [● 2 SOURCES] Corporate tax rose by 4.4 trillion won due to improved corporate performance. www.newstomato.com
  • [● 2 SOURCES] Securities transaction tax increased by 6.4 trillion won due to higher trading volume and tax rate adjustments. www.newstomato.com
  • [● 2 SOURCES] Cumulative tax revenue increased by 41.4 trillion won compared to the same period last year. www.newstomato.com

Sources

올해 7월 의약품 소매판매액 3조원 돌파 - 의학신문 [www.bosa.co.kr]
국세감면액 내년 104조9천억원…법정한도는 준수 전망 - 매일신문 [www.imaeil.com]
전문가들과 함께 만드는 신문 - 조세금융신문(www. tfnews. co. kr) [www.tfmedia.co.kr]
국세수입 274조원, 7월까지 17. 8% 늘었다 [www.tokenpost.kr]
올해 7월까지 국세 274조…'성과급·증시 활황'에 41. 4조 ↑ [www.newstomato.com]