[First Release of National Tax Statistics] Last Year's Tax Revenue 284.4 Trillion KRW... 0.3% Increase YoY

Increase in Inheritance and Gift Tax Filings and Property Values
Namdaemun Tax Office Tops Tax Revenue for 3 Consecutive Years...13.7 Trillion Won
790,000 Corporations Filed Corporate Tax...Retail and Wholesale 23.3%
6.75 Million VAT Filers...Tax Base 5031 Trillion Won
Golf Course Excise Tax Up 4.1%...Passenger Cars Down 18.6%
960,000 Households Received 420.7 Billion Won in Earned Income Tax Credit in First Half of Last Year

[Asia Economy Reporter Kwangho Lee] The National Tax Service (NTS) disclosed 95 national tax statistics early on the 17th, ahead of the scheduled publication of the National Tax Statistical Yearbook in December this year.

The NTS publishes the National Tax Statistical Yearbook every December to help the public understand national tax administration and to support tax policy formulation and research. To allow earlier access to tax statistics, the NTS produces and releases statistics ahead of schedule during the year.

This year, early disclosure will be conducted twice, and this time, 95 national tax statistical tables were released in the first round.

The 94 tables disclosed in the first early release represent an increase of 11 from last year's 84 and account for 18.6% of the total national tax statistical tables (510 in 2019).

By category, they consist of collection (14), inheritance and gift tax (8), corporate tax (18), value-added tax (33), consumption tax (8), and others (3).

Last year, the NTS tax revenue was 284.4 trillion won, a 0.3% increase compared to 2018.

The NTS tax revenue's share of total national tax also rose by 0.3 percentage points to 96.9% compared to 2019. Total national tax includes the NTS revenue plus the Korea Customs Service's portion (7.9053 trillion won) and local governments' portion (1.1363 trillion won).

By tax item, income tax accounted for the largest share at 89 trillion won (31.3%).

Among 125 tax offices nationwide, Namdaemun Tax Office ranked first in tax revenue for the second consecutive year, marking three years in a row at the top.

Cash collection from the list of high-value and habitual tax delinquents last year reached 245.2 billion won from 5,221 individuals, the highest number ever recorded.

Tax payment deferrals, collection postponements, and delinquency disposition postponements totaled 389,000 cases amounting to 7.1003 trillion won.

The number of inheritance and gift tax filings and the value of declared assets have been steadily increasing. Inheritance tax filings rose 13.1% to 9,600 cases compared to 2018, with asset values increasing 4.7% to 21.5 trillion won. Gift tax filings also increased by 4.3% to 151,400 cases, and asset values rose 3.1% to 28.3 trillion won.

The number of corporations filing corporate tax was highest in wholesale and retail trade, accounting for 23.3% of the total, while manufacturing had the highest revenue at 38.0% of the total.

The number of value-added tax filers was highest in real estate rental, wholesale and retail trade, and service industries, while the tax base was highest in wholesale and retail trade, manufacturing, and food and accommodation industries.

Individual consumption tax on golf courses increased by 4.1% compared to 2018, while entertainment bars and passenger cars decreased by 5.1% and 18.6%, respectively.

Traffic, energy, and environment tax reported tax amounts of 14.8 trillion won, which decreased by 4.4% compared to 2018 due to the reduction in fuel tax rates.

In the first half of last year, earned income tax credits were paid to 960,000 households totaling 420.7 billion won. The main income sources of earned income tax credit recipients were service, food, and manufacturing industries in that order.

The issuance of national tax certificates has been increasing annually, with most certificates being issued through the Hometax system.

The early disclosed national tax statistical tables are available on the National Tax Statistics website, the NTS website, and the National Statistical Portal.

An NTS official stated, "We will continue to reflect the diverse opinions of national tax statistics users and carry out the second early disclosure (scheduled for November) and the publication of the National Tax Statistical Yearbook (scheduled for December) with substance."

This content was produced with the assistance of AI translation services.