National Tax Revenue Expected to Rise by 21.9 Trillion Won This Year

National tax revenue collected from January to April this year increased by 21.9 trillion won compared to the same period last year. This is attributed to the recovery of the semiconductor market and a booming stock market. According to relevant authorities, cumulative national tax revenue from January to April this year was 164.1 trillion won, a 15.4% increase compared to the same period last year.

If the current growth rate continues until the end of the year, total national tax revenue for this year could reach 431.5 trillion won, an increase of 57.6 trillion won from last year. Last year's annual tax revenue was 373.9 trillion won. If the same growth rate is maintained until year-end, this year's tax revenue is calculated at 431.5 trillion won. This is 16.1 trillion won higher than the government's revised tax revenue forecast of 415.4 trillion won set during the supplementary budget compilation in April. Applying the average tax collection pace for April over the past five years suggests this year's tax revenue could reach the 425 trillion won range.

The core driver of the tax revenue increase is the growth in corporate tax revenue due to the semiconductor market recovery. From January to April this year, corporate tax revenue amounted to 39 trillion won, an increase of 3.2 trillion won from the same period last year. This reflects the impact of improved corporate earnings in the latter half of last year, which were reflected in corporate tax payments in March. The recovery in performance of major semiconductor companies like Samsung Electronics and SK Hynix also influenced income tax revenue. Increased bonus payouts led to higher income tax receipts. Income tax from January to April was 44.7 trillion won, an increase of 5.9 trillion won year-on-year. Value-added tax also rose due to improved corporate earnings and robust consumption and transaction flows. During the same period, value-added tax was 44.4 trillion won, an increase of 4.7 trillion won from last year.

The booming stock market also propelled tax revenue growth. National tax revenue in April was 55.2 trillion won, 6.3 trillion won more than the same month last year. Among this, the increase in securities transaction tax was significant. Securities transaction tax in April was 1.3 trillion won, a substantial rise from the 200 billion won level a year ago. This was also influenced by the adjustment of transaction tax rates on KOSPI, KOSDAQ, and K-OTC markets starting this year. The increase in stock trading volume, combined with the effect of rate adjustments, expanded tax revenue. Tax revenue from the special tax for rural development in April was 2.1 trillion won, an increase from 800 billion won in the same month last year.

Actual tax revenue may vary depending on variables such as value-added tax refunds, corporate tax interim payments, and the economic and stock market trends in the second half of the year. Whether the semiconductor industry outlook and stock trading volumes are maintained in the latter half will be key variables in determining this year's tax revenue scale.