Artificial intelligence (AI)-generated image based on data from the Ministry of Finance and Economy Lee Hugh Copyright ⓒ Aju Press All rights reserved. Related News Gov't tax revenue surges last month as chipmakers post record earnings Courtesy of the Ministry of Finance and Economy SEOUL, October 30 (AJP) - South Korea's tax revenue reached 55.2 trillion won (US$40.9 billion) last month, up 26.4 trillion won from a year earlier, according to data released by the Ministry of Finance and Economy on Friday. The increase in September was driven by stronger corporate earnings, particularly in the semiconductor industry, with corporate taxes accounting for the bulk of the increase, rising 23.6 trillion won to 36.2 trillion won. The ministry attributed the sharp rise to improved business performance, particularly among chipmakers, which racked up record profits amid an artificial intelligence (AI)-led boom. Income tax revenue also rose by 1.2 trillion won to 9.7 trillion won, as higher wages and more home sales led to increased tax payments on salaries and property gains. Taxes from securities transactions rose by 500 billion won as stock trading increased. Tax rates for stock trading, which were restored to their previous higher levels of 0.05 percent for the main bourse of KOSPI and 0.20 percent for the junior KOSDAQ, also increased revenue overall. The total value of shares traded reached 991.2 trillion won in August, up 118.6 percent from 453.4 trillion won a year earlier. Revenue from inheritance and gift taxes also rose by 200 billion won, partly due to a 31.2 percent increase in the number of homes transferred as gifts. Total tax revenue for the first nine months of this year reached 385 trillion won, up 95.4 trillion won from the same period a year earlier.
Artificial intelligence (AI)-generated image based on data from the Ministry of Finance and Economy Lee Hugh Copyright ⓒ Aju Press All rights reserved.
