▪ National tax revenue amounted to KRW 336.5 trillion, representing a decline of KRW 7.5T (-2.2%) from 2023 (KRW 344.1T) and KRW 30.8T (-9.1%) below the original budget.
▪ The following section will examine the causes of changes in major tax items for 2024.
▪ Corporate tax revenue (KRW 62.5T) declined by KRW 17.9T (-22.3%) compared to 2023 (KRW 80.4T), predominantly in the declared part, primarily attributable to poor corporate performance.
▪ Income tax revenue (KRW 117.4T) increased by KRW 1.6T (1.4%) compared to 2023 (KRW 115.8T) owing to growth in earned income tax and interest income tax revenue.
▪ VAT revenue (KRW 82.2T) increased by KRW 8.5T (11.5%) compared to 2023 (KRW 73.8T) owing to inflation and other factors.
▪ Regarding consumption-related tax, transportation/energy/environment tax revenue increased year-on-year owing to reduced fuel tax cuts, while customs duties revenue slightly decreased due to the expanded quota tariff.
▪ Regarding asset-related tax, securities transaction tax revenue decreased owing to reduced trading volume and tax rate cuts, while comprehensive real estate tax revenue also declined due to the sluggish real estate market.