South Korea’s tax revenue rose 7 percent on-year during the first two months of 2024 on-year, the finance ministry said Friday.

The government collected 58 trillion won (US$42.99 billion) in taxes in January and February, up 3.8 trillion won from 54.2 trillion won the previous year, according to the Ministry of Economy and Finance.

The increase came as the amount of value-added taxes jumped 26.7 percent to 17.6 trillion won on rising private spending.

The stock exchange tax also rose 23.7 percent to 1 trillion won during the cited period.

But income taxes fell 1.3 percent to 24.1 trillion won, as major companies, such as Samsung Electronics Co., slashed performance-based payments and other incentives for employees over last year’s weak corporate performances, according to the ministry.

In February alone, the country’s total tax revenue grew 6.4 percent on-year to 12.1 trillion won.

Last year, the country’s total revenue fell 77 trillion won on-year to 497 trillion won, as tax collections dropped due to
poor corporate performance and the property market slump.

The ministry has said that such a shortfall is unlikely in 2024.

Source: Yonhap News Agency