Nat’l Tax Revenue Falls 6 Tln Won On-Yr. in March due to Reduced Corporate Tax Collection

National tax revenue in March fell six trillion won, or around four-point-four billion U.S. dollars, year-on-year, due largely to reduced corporate tax collection.

According to the finance ministry on Tuesday, state tax revenue totaled 26-point-nine trillion won last month, down around six trillion won from March 2023. The cumulative revenue between January and March stood at 84-point-nine trillion won, down two-point-two trillion year-on-year.

Corporate taxes in March dropped five-point-six trillion won, reflecting corporations’ poor business performance last year, with a ministry official saying an increased number of corporate bodies posted a deficit in 2023.

Collection of income taxes also declined by 400 billion won, including earned income taxes, following major businesses’ reduced bonus pay and increased year-end adjustment tax returns.

 

The cumulative tax revenue until March this year reached 23-point-one percent of the government’s target revenue for the entire year, lower than 25-point-three percent from the same period last year and the most recent five-year average of 25-point-nine percent.