National Tax Revenue Increases by 50 Trillion Won Until November... Securities Transaction Tax Drops Sharply

MoEF, Announces 'November National Tax Revenue Status'

[Asia Economy Sejong=Reporter Lee Jun-hyung] National tax revenue accumulated up to November this year increased by more than 50 trillion won compared to last year. This is the result of a significant increase in corporate tax due to improved corporate performance.

According to the "2022 November National Tax Revenue Status" announced by the Ministry of Economy and Finance on the 30th, the cumulative national tax revenue from January to November this year was recorded at 373.6 trillion won. Compared to the same period last year (323.4 trillion won), it increased by 50.2 trillion won. The progress rate compared to the supplementary budget last month was 94.2%, similar to the recent 5-year average (94.4%).

Specifically, corporate tax increased significantly. The government collected 101.4 trillion won in corporate tax from January to November this year, an increase of 32.6 trillion won compared to the same period last year (68.8 trillion won). This is interpreted as an effect of improved corporate performance. According to the Ministry of Economy and Finance, the operating profit of KOSPI listed companies in the first half of this year was 54.1 trillion won, a 7.4% increase compared to the same period last year (50.4 trillion won).

Income tax collected amounted to 121.6 trillion won. Centered on earned income tax and comprehensive income tax, it increased by 15 trillion won compared to the same period last year (106.6 trillion won). From December last year to October this year, the average monthly number of regular workers was 15.62 million, a 5.5% increase compared to the same period last year (14.8 million). Value-added tax was 78.1 trillion won, increasing by 7.8 trillion won as both consumption and imports rose simultaneously.

Transportation, energy, and environment tax collected 10.3 trillion won, decreasing by 5.3 trillion won. This is because the government temporarily reduced the fuel tax to stabilize prices. The government reduced the fuel tax by 20% in November last year and further increased the reduction to the legal maximum of 37% in July this year.

Securities transaction tax decreased by 3.6 trillion won due to a decline in securities trading volume. From the end of last year to October this year, KOSPI trading volume was 2,102 trillion won, a sharp drop of 43.7% compared to the same period last year (3,731 trillion won). During the same period, KOSDAQ trading volume also decreased by 37.5%, from 2,742 trillion won to 1,714 trillion won.

Meanwhile, national tax revenue last month was 18 trillion won, an increase of 2 trillion won compared to the same month last year. Income tax collected was 13.1 trillion won, an increase of 2.8 trillion won compared to the same period last year (10.3 trillion won). Corporate tax and value-added tax each increased by 100 billion won. Transportation, energy, and environment tax decreased by 400 billion won due to the government's fuel tax reduction measures.

Deputy Prime Minister Choo Kyung-ho Presiding Over Emergency Economic Ministers' Meeting
(Sejong=Yonhap News) Reporter Kim Juhyung = Choo Kyung-ho, Deputy Prime Minister and Minister of Economy and Finance (center), is speaking at the Emergency Economic Ministers' Meeting held at the Government Complex Sejong in Sejong City on the morning of the 29th. 2022.12.29
kjhpress@yna.co.kr
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