The Ministry of Finance and Economy on Feb. 10 said national tax revenue last year reached KRW 373.9 trillion, up KRW 37.4 trillion from 2024. (iClickArt) (Unauthorized reproduction and redistribution of this image is prohibited under copyright law.)

By Lee Jihae

The Ministry of Finance and Economy on Feb. 10 said national tax revenue last year reached KRW 373.9 trillion, up KRW 37.4 trillion from 2024.

The figure was also KRW 1.8 trillion more than the forecast of KRW 372.1 trillion made during preparation of the supplementary budget in June last year.

Higher corporate performance and a revitalized job market were cited as the main factors behind the increase in revenue.

Improved business performance last year fueled growth of corporate income tax to KRW 84.6 trillion, up KRW 22.1 trillion. Earned income tax of KRW 68.4 trillion saw an increase of KRW 7.4 trillion thanks to a higher number of employed people and rising wages.

Capital gains tax grew KRW 3.2 trillion due to the boom in overseas stock markets, while special taxes on rural and fishing villages rose KRW 2.2 trillion thanks to higher trading volume on the main stock market KOSPI. Levies on transportation, energy and the environment increased KRW 1.8 trillion as a portion of the flexible tax deduction for fuel was reversed.

jihlee08@korea.kr