Corporate and Income Tax Increase... National Tax Revenue Up by 36.5 Trillion Won Through May

MoEF, Announces 'June 2022 National Tax Revenue Status'

[Asia Economy Sejong=Reporter Kwon Haeyoung] National tax revenue increased by 36.5 trillion won compared to the previous year through June this year. The government collected 55% of the expected national tax revenue in the first half of the year. While corporate tax and income tax revenues rose sharply this year due to last year's economic recovery, revenues from transportation, energy, and environmental taxes as well as securities transaction tax declined due to fuel tax cuts and sluggish stock market performance.

The Ministry of Economy and Finance announced the 'June 2022 National Tax Revenue Status' containing these details on the 29th.

National tax revenue recorded 218.3 trillion won through June this year. This is an increase of 36.5 trillion won compared to the same period last year. The progress rate compared to the revised national tax revenue budget (396.6 trillion won) announced during the second supplementary budget in May was 55.0%. The government collected 55% of the expected national tax revenue for this year in the first half. Previously, the Ministry of Economy and Finance conducted a revenue revision (adjustment of revenue forecast) reflecting an excess tax revenue of 53.3 trillion won this year.

This increase in national tax revenue is largely due to last year's economic recovery. The government's corporate tax revenue reached 63.5 trillion won through June, an increase of 60.0% (23.8 trillion won) compared to one year ago. Income tax revenue was recorded at 69.6 trillion won, up 9.3 trillion won during the same period, a 15.4% increase compared to the previous year. Value-added tax revenue increased by 11.2% (4 trillion won) compared to one year ago, collecting 40.2 trillion won.

On the other hand, transportation, energy, and environmental tax revenues and securities transaction tax shrank due to the impact of fuel tax cuts and sluggish stock market.

Due to the fuel tax cut, transportation, energy, and environmental tax revenue amounted to 6 trillion won, down 32.8% (2.9 trillion won) compared to the same period last year. Securities transaction tax remained at 3.7 trillion won, down 33.1% (1.8 trillion won) compared to the previous year, as trading decreased due to interest rate hikes and concerns over economic recession causing sluggish stock market performance.

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