South Korea tax revenue projected to hit record 478.6 trillion won

tax revenue semiconductor boom corporate tax Samsung Electronics SK hynix

South Korea's national tax revenue is projected to reach a record 478.6 trillion won this year, a 28 percent increase from the previous year. The Ministry of Finance and Economy announced that this figure exceeds the supplementary budget projection by 63.2 trillion won.

The surge is primarily driven by a boom in the semiconductor industry, with the combined operating profits of Samsung Electronics and SK hynix forecast to reach 638 trillion won. This growth has significantly boosted corporate tax collections, which are expected to hit 136.4 trillion won.

Other contributing factors include increased income tax revenue due to higher bonuses in the semiconductor and financial sectors, as well as rising securities transaction taxes and agricultural/fishery special taxes resulting from a robust stock market. The government is considering using the excess tax revenue to fund a new 'Future Fund' to support long-term economic growth.

Entities

Ministry of Economy and Finance · Ministry of Finance and Economy · SK Hynix · Samsung Electronics · South Korea

Claims

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

[● 8 SOURCES] This year's tax revenue is projected to be 28 percent higher than last year. finance.technews.tw · news.cnyes.com · www.koreaherald.com · www.sportalkorea.com · www.imaeil.com · +2 more
[● 10 SOURCES] The estimated tax revenue exceeds the supplementary budget projection by 63.2 trillion won. finance.technews.tw · www.koreaherald.com · www.womennews.co.kr · www.sportalkorea.com · www.imaeil.com · +3 more
[● 2 SOURCES] The South Korean government plans to use the excess tax revenue to fund a new 'Future Fund' next year. finance.technews.tw · news.cnyes.com
[● 9 SOURCES] The combined operating profit for Samsung Electronics and SK hynix is forecast to reach 638 trillion won. news.cnyes.com · www.koreaherald.com · www.sportalkorea.com · finance.technews.tw · www.imaeil.com · +2 more
[● 10 SOURCES] South Korea's tax revenue for this year is estimated to reach a record 478.6 trillion won. finance.technews.tw · news.cnyes.com · www.koreaherald.com · www.womennews.co.kr · www.sportalkorea.com · +3 more
[● 10 SOURCES] Personal income tax revenue is projected to reach 152.4 trillion won. finance.technews.tw · news.cnyes.com · www.koreaherald.com · www.womennews.co.kr · www.sportalkorea.com · +3 more
[● 10 SOURCES] Securities transaction tax is expected to reach 12.4 trillion won. finance.technews.tw · news.cnyes.com · www.koreaherald.com · www.womennews.co.kr · www.sportalkorea.com · +3 more
[● 10 SOURCES] Corporate tax revenue is forecast to reach 136.4 trillion won. finance.technews.tw · news.cnyes.com · www.koreaherald.com · www.womennews.co.kr · www.sportalkorea.com · +3 more