Tax revenue up W36.5tr in H1 amid economic recovery
Published : Jul 29, 2022 - 10:15
Updated : Jul 29, 2022 - 10:15
This photo, taken last Friday, shows notices put up at a realtor office in Seoul that say it welcomes customers' inquiries about property-related taxes. (Yonhap)

South Korea's tax revenue increased 36.5 trillion won ($28 billion) in the first half from a year earlier as the economic recovery boosted the collection of corporate and income taxes, the finance ministry said Friday.

Tax revenue amounted to 218.3 trillion won in the January-June period, compared with 181.7 trillion won the previous year, according to the ministry.

In June alone, tax revenue rose 1.7 trillion won on-year to 21.7 trillion won.

South Korea has continued to post a surplus of tax revenue as Asia's fourth-largest economy has been on a recovery track.

In the first half, the country collected corporate taxes of 63.5 trillion won, up 23.8 trillion won from a year earlier, as companies' earnings gained ground. The collection of income taxes increased 9.3 trillion won to 69.6 trillion won.

The government saw the collection of value-added taxes rise 4 trillion won to 40.2 trillion won as consumption and imports increased amid the economic recovery.

Last week, the government unveiled its sweeping tax cut plan that is focused on lowering corporate, income and property taxes. With the tax reform, it aims to encourage firms to spur investment and reduce the tax burden on people troubled by high inflation. (Yonhap)