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Tax revenue rises 34.3 trillion won through September on improved corporate earnings

Published: 31 Oct. 2025, 12:24 Updated: 31 Oct. 2025, 14:20

The National Tax Service building in Sejong is seen on June 19. [NEWS1]

Korea's tax revenue increased by 34.3 trillion won ($23.9 billion) from a year earlier during the first nine months of this year, on improved corporate earnings and rising income tax, data showed Friday.

The government collected 289.6 trillion won of taxes over the January to September period, up 13.4 percent from the same period last year, according to the data from the Ministry of Economy and Finance.

The increase was driven by rising corporate tax collection, which gained 21.4 trillion won to 76 trillion as local businesses reported stronger earnings in 2024 and the first half of this year.

The ministry also pointed to a rise in corporate interest and dividend income.

The amount of income tax collected went up by 10.2 trillion won over the cited period to 95.2 trillion won on an expansion of performance-based bonuses and a rise in the number of employees. A surge in capital gains tax, driven by the strong performance of overseas stock markets, also contributed to the rise.

But the amount of value-added tax fell by 400 billion won amid sluggish consumption, while tax collection from securities transactions dropped by 1.5 trillion won.

Yonhap