Korea sees 7% surge in Jan-Feb tax revenue, reaches 58 trillion won

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Korea sees 7% surge in Jan-Feb tax revenue, reaches 58 trillion won

Published: 29 Mar. 2024, 12:21

SEO JI-EUN
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Cash transport officials at the Bank of Korea headquarters in central Seoul prepare to distribute funds ahead of the Lunar New Year holiday season to commercial banks on Feb. 5. [YONHAP]

Korea's tax revenue for January and February totaled 58 trillion won ($42.99 billion), up 7 percent from the previous year, according to the Ministry of Economy and Finance Friday.

The increase came as the amount of value-added taxes jumped 26.7 percent to 17.6 trillion won on rising private spending.

The stock exchange tax also rose 23.7 percent to 1 trillion won during the cited period.

However, income taxes fell 1.3 percent to 24.1 trillion won, as major companies, such as Samsung Electronics, slashed performance-based payments and other incentives for employees over last year's weak corporate performances, according to the ministry.

In February alone, the country's total tax revenue grew 6.4 percent on year to 12.1 trillion won.

Last year, the country's total revenue fell 77 trillion won on year to 497 trillion won, as tax collections dropped due to poor corporate performance and the property market slump.

The ministry has said that such a shortfall is unlikely in 2024.

BY SEO JI-EUN, YONHAP [[email protected]]