[First Release of National Tax Statistics] The Largest Tax Item is 'Income Tax'... 31.3% of Tax Revenue, 89.1 Trillion Won

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

The NTS publishes the National Tax Statistics 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 information, the NTS produces and releases statistics early during the year. This year, early disclosure will be conducted twice.

The first early disclosure includes 94 items, which is 11 more than last year's 84 items, accounting for 18.6% of the total national tax statistics tables (510 in 2019).

Last year, the tax item with the largest share of tax revenue was income tax at 31.3%, while the smallest was stamp tax at 0.3%.

Breaking down the NTS tax revenue by tax item last year, income tax amounted to 89.1 trillion KRW, corporate tax to 72.2 trillion KRW, and value-added tax to 70.8 trillion KRW.

Following these were transportation, energy, and environment taxes at 14.5 trillion KRW, individual consumption tax at 9.7 trillion KRW, and inheritance and gift tax at 8.3 trillion KRW.

Other taxes include securities transaction tax, education tax, liquor tax, special rural development tax, comprehensive real estate tax, and stamp tax, totaling 19.7 trillion KRW.

The early disclosed national tax statistics tables are available on the National Tax Statistics website, the NTS website, and the National Statistics 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 Statistics Yearbook (scheduled for December) with substance."

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