July saw a reversal in tax revenue growth… The total amount collected so far this year is 9 trillion won less compared to last year.

In July, tax revenue increased by 1.2 trillion won compared to the same month last year. However, the cumulative total for this year is about 9 trillion won lower than the same period last year. According to the Ministry of Economy and Finance, national tax revenue for last month increased by 1.2 trillion won compared to the same month last year, reaching 40.3 trillion won. Due to increased consumption and income in the first half of the year, value-added tax increased by 600 billion won, totaling 21.6 trillion won collected. From January to July, a total of 208.8 trillion won was collected, which is 8.8 trillion won lower than the same period last year. The main reason for the decrease in tax revenue is corporate tax, which decreased significantly by 15.5 trillion won compared to the same period last year, with a total of 33 trillion won collected until July this year. With the clear shortfall in tax revenue this year, the government is focusing on announcing a tax revenue re-estimation next month.