S. Korea's tax revenue rises 21.5 tln won in H1 on strong corporate tax collection

SEOUL, July 31 (Yonhap) -- South Korea's tax revenue rose by more than 21 trillion won (US$15.1 billion) from a year earlier in the first half, driven largely by a surge in corporate tax collection, the finance ministry said Thursday.

The government collected 190 trillion won in taxes during the January-June period, up 21.5 trillion won from the same period last year, according to data from the Ministry of Economy and Finance.

The increase was mainly attributed to higher corporate tax revenue, which reached 45 trillion won, marking a gain of 14.4 trillion won from a year earlier.

"The rise in corporate tax revenue is due to improved business performances last year, as well as increased interest and dividend income," a ministry official said.

Income tax revenue also rose by 7.1 trillion won on-year to 65.3 trillion won, driven by a rise in bonus payments and an increase in the number of employed workers.

In contrast, value-added tax revenue fell by 900 billion won during the same period, partly due to a rise in tax refunds, the ministry added.

khj@yna.co.kr
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