Driven by increases in import values and securities trading volumes, cumulative tax revenue through July of this year increased by more than KRW 41 trillion compared to the same period last year.

According to the "Current Status of National Tax Revenue for July 2026" released by the Ministry of Economy and Finance today (the 31st), tax revenue for last month was tallied at KRW 51 trillion, up KRW 8.4 trillion from a year earlier.

Value-added tax, securities transaction tax, and income tax drove the growth in national tax revenue.

Value-added tax rose by KRW 3.2 trillion to reach KRW 24.6 trillion.

This was driven by an increase in finalized declarations for the first term of this year and a rise in import values.

Import values for July stood at USD 68.57 billion, up 26.5% from a year ago.

The securities transaction tax came to KRW 1.4 trillion, an increase of KRW 1.1 trillion.

In terms of the growth rate, this amounts to 401.0%.

Listed stock trading volume spiked by 232.4% year-on-year to KRW 2,087.2 trillion last June.

The restoration of the securities transaction tax rate also had an impact.

Income tax increased by KRW 1.8 trillion to KRW 13.6 trillion, boosted by higher total wage payments and earned income tax.

Housing transaction volume rose by 6.0% to 66,500 cases last May, leading to an increase in capital gains tax.

In addition, customs duties rose by KRW 200 billion to reach KRW 800 billion due to increased import values.

Corporate tax (KRW 2.5 trillion), inheritance and gift tax (KRW 1.5 trillion), and individual consumption tax (KRW 1 trillion) each increased by KRW 100 billion.

Transportation, energy, and environment tax (KRW 900 billion) decreased by KRW 300 billion from a year earlier as the reduction in flexible fuel tax rates was expanded.

Cumulative national tax revenue for January to July totaled KRW 274 trillion, up KRW 41.4 trillion.

The collection progress rate against this year's budget reflecting the supplementary budget (KRW 415.4 trillion) stands at 66.0%.

This is higher than in July of last year (60.8%) and July 2024 (56.9%), marking the highest level in the past five years.

Backed by increases in performance bonuses and real estate transaction volumes, income tax (KRW 89.3 trillion) rose by KRW 12.2 trillion, while corporate tax (KRW 51.8 trillion) increased by KRW 4.4 trillion amid improved corporate earnings.

Value-added tax (KRW 69.4 trillion) also grew by KRW 8.1 trillion, supported by increases in private consumption and import values.

The securities transaction tax reached KRW 8.2 trillion, surging by KRW 6.4 trillion from KRW 1.8 trillion a year earlier.

In terms of growth rate, this reached 348.5%.

The special rural development tax (KRW 13.1 trillion) levied on Kospi trading volume increased by KRW 8.5 trillion.

(Photo: Yonhap News)