As of September this year, 17 trillion won less corporate tax had been collected.

As of September this year, 17 trillion won less corporate tax had been collected.


Refer Report


Samsung Electronics semiconductor factory. Provided by Samsung Electronics

As of September this year, tax revenues were collected 11.3 trillion won less than a year ago. Due to worsening corporate performance, 17.4 trillion won less corporate tax was collected.

The Ministry of Strategy and Finance announced on the 31st through ‘Status of National Tax Revenues in September’ that national taxes from January to September this year were collected at KRW 255.3 trillion, down KRW 11.3 trillion from a year ago.

As corporate performance decreased, cumulative corporate tax performance from January to September this year decreased by 17.4 trillion won compared to a year ago. Securities transaction tax decreased by 1 trillion won due to the 0.02% point tax rate cut. Comprehensive real estate tax was reduced by 500 billion won, and tariffs were collected by 300 billion won less due to the decrease in imports.

During the same period, an additional 400 billion won in income tax was collected. The government explained that interest income tax increased due to the high interest rate environment, and earned income tax was further collected as the number of employed people and wages increased. Comprehensive income tax and capital gains tax decreased due to the worsening self-employment economy. From January to September, an additional 5.7 trillion won in value-added tax was collected. While consumption increased, refunds decreased and payment performance increased.

In September alone, national tax revenue amounted to 23.1 trillion won, down 1.9 trillion won from a year ago. The government explained that the main cause was the decrease in value-added tax. In September, as value-added tax refunds increased and value-added tax on imports decreased, 1.4 trillion won less was collected than a year ago.


In September, corporate taxes were collected 600 billion won less than a year ago as the amount of tax paid in installments decreased due to a decrease in the size of interim prepayments. Income tax increased by 500 billion won. Securities transaction tax and customs duties decreased by 300 billion won and 200 billion won, respectively, while inheritance and gift taxes increased by 200 billion won.

Source: Korean