National Tax Revenue Decreases by 47 Trillion Won Until August... Continued Tax Revenue Shortfall

Total National Tax Revenue of 241.6 Trillion Won from January to August... 16.5% Less Collected Compared to Last Year

National tax revenue until August this year has decreased by 47 trillion won compared to the same period last year. As tax revenue performance continues to decline, the tax revenue deficit is growing every month.

The Ministry of Economy and Finance announced the status of national tax revenue for August on the 4th, including this information. National tax revenue from January to August this year amounted to 241.6 trillion won, a decrease of 47.6 trillion won (16.5%) compared to the same period last year.

National tax revenue in August (24 trillion won) decreased by 4.3 trillion won compared to the same period last year, expanding the cumulative decrease in tax revenue beyond the previous month's cumulative decrease of 43.4 trillion won.

The progress rate of national tax revenue against the budget for August was 60.3%. This is significantly below the progress rate compared to last August's performance (73.1%) and the average performance over the past five years (72.1%).

Looking at the revenue status by tax item, corporate tax collected from January to August was 62.3 trillion won, a decrease of 24.5% (24.5 trillion won) compared to the same period last year. This was influenced by the decrease in corporate operating profits last year and the reduction in pre-paid tax amounts for the August interim payment. Corporate tax revenue for August alone decreased by 3.1 trillion won compared to a year ago due to reduced interim payments following the decline in corporate operating profits in the first half of the year.

Income tax revenue from January to August this year was 77.2 trillion won, down 13.9 trillion won (15.3%) compared to the same period last year. August tax revenue decreased by 1.2 trillion won due to factors such as a decline in real estate transactions. Value-added tax revenue was recorded at 58.3 trillion won, down 6.4 trillion won (10.9%) compared to the same period last year. The Ministry of Economy and Finance analyzed this as being influenced by decreased imports and a base effect due to tax administration support.

Inheritance and gift tax from January to August totaled 10.1 trillion won, down 900 billion won (8.1%) compared to the same period last year. In August, inheritance and gift tax decreased by 550 billion won due to a decline in real estate transactions. Cumulative customs duties this year amounted to 4.5 trillion won, down 2.8 trillion won (38.4%) compared to the same period last year, with customs duties in August collected 300 billion won less due to decreased imports and other factors.

The government estimated that considering the base effect such as the increase in tax revenue last year (10.2 trillion won) due to tax administration support from 2021 to 2022, the actual decrease in tax revenue is about 37.4 trillion won.

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