South Korea's Tax Revenue Jumps in First Half of 2025
(MENAFN) South Korea's tax revenue surged in the first half of 2025, driven by increases in both corporate and income taxes, the Ministry of Economy and Finance reported Thursday.
For the January to June period, tax revenue totaled 190.0 trillion won (137.7 billion U.S. dollars), marking a rise of 21.5 trillion won (15.6 billion dollars) compared to the same period last year. Corporate and income tax collections saw significant growth, rising by 14.4 trillion won (10.4 billion dollars) and 7.1 trillion won (5.1 billion dollars), respectively. However, the value-added tax revenue decreased by 1.4 trillion won (1.0 billion dollars).
In total, the government's combined revenue, including both tax and non-tax sources, reached 320.6 trillion won (232.3 billion dollars) in the first half of 2025, reflecting an increase of 24.7 trillion won (17.9 billion dollars) from a year ago.
Meanwhile, government spending for the period grew by 17.3 trillion won (12.5 billion dollars), bringing total expenditure to 389.2 trillion won (282.0 billion dollars).
Despite the higher revenue, South Korea’s fiscal deficit widened, with the managed fiscal balance—excluding the social security fund—recording a deficit of 94.3 trillion won (68.3 billion dollars) for the January-June period.
At the end of June, the central government’s debt stood at 1,218.4 trillion won (882.8 billion dollars), an increase of 0.6 trillion won (434.7 million dollars) from the previous month.
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