Last Year, National Tax Service Revenue 277.3 Trillion KRW, Down 2.5% YoY... Record High Tax Payment Deferrals

National Tax Service Revamps National Tax Statistics Portal... First Release of Latest Statistics

[Sejong=Asia Economy Reporter Kim Hyunjung] Last year, due to the impact of COVID-19, the National Tax Service (NTS) tax revenue recorded 277.3 trillion won, a 2.5% decrease compared to the previous year. The number of tax deferrals reached a record high of 7.044 million cases, amounting to 32.2976 trillion won.

On the 22nd, the NTS launched the National Tax Statistics Portal (TASIS), a complete overhaul of the existing National Tax Statistics website, and released the latest statistics for the first time. The NTS plans to disclose national tax statistics on the portal as they are produced, instead of the previous schedule of releasing them three times a year in July, November, and December.

According to the first batch of national tax statistics released that day, last year’s NTS tax revenue was 277.3 trillion won, down 2.5% (7.1 trillion won) from the previous year (284.4 trillion won). The proportion of NTS tax revenue to total national tax was 97.1%, an increase of 0.2 percentage points from last year’s 96.6%.

The tax item with the largest revenue share was income tax (35.4%), totaling 98.2 trillion won. This was followed by value-added tax (VAT) at 64.9 trillion won (23.4%), corporate tax at 55.5 trillion won (20.0%), transportation, energy, and environment tax at 13.9 trillion won (5.0%), and inheritance and gift tax at 10.4 trillion won (3.8%).

Due to the increase in tax deferrals caused by COVID-19, the total number of tax deferral cases last year surged by 1709% to 7.044 million. In terms of amount, it rose 354% to 32.2976 trillion won compared to the previous year. Both the number of cases and the amount represent the highest levels ever recorded.

By type, there were 4.371 million cases of payment deadline extensions (24.0029 trillion won), 2.023 million cases of collection deferrals (7.4642 trillion won), and 650,000 cases of delinquency disposition deferrals (830.6 billion won).

The number of national tax certificate issuances totaled 77.47 million, a 55.3% increase from last year’s 49.89 million. Among these, 71.12 million certificates, accounting for 91.8%, were issued online via Hometax and other platforms without visiting tax offices, while 6.35 million certificates (8.2%) were issued through visits to tax offices. By type of certificate, income amount certificates were the most issued at 24.67 million, accounting for 31.9%.

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