As corporate performance improved, corporate tax revenue increased, resulting in over 5 trillion won more taxes collected last month compared to the same period last year.
According to the 'March national tax revenue status' report released by the Ministry of Economy and Finance on the 30th, national tax revenue last month was 32.3 trillion won, an increase of 5.5 trillion won (20.4%) compared to March last year.
By type of tax, corporate tax recorded 21 trillion won, an increase of 5.8 trillion won compared to the same month last year. The Ministry of Economy and Finance noted that the increase in corporate tax revenue was due to a rise in the operating profits of listed corporations, which grew from 38.7 trillion won in 2023 to 106.2 trillion won last year, along with an increase in corporate interest and dividends.
Value-added taxes amounted to 1.9 trillion won, a decrease of 800 billion won compared to the same month last year. The Ministry of Economy and Finance explained that tax revenue declined due to increased refunds and the base effect of tax support from the previous year. The government delayed the filing deadline for small business owners' January reports to March last year, which concentrated value-added tax payments in March.
Inheritance and gift tax reached 1.2 trillion won, an increase of 200 billion won compared to the previous year. The Ministry of Economy and Finance explained that the increase in inheritance tax was due to a rise in the number of deceased individuals.
The security transaction tax collected was 300 billion won, which is a decrease of 200 billion won compared to the previous year as trading volumes in securities decreased.
Traffic, energy, and environmental taxes amounted to 900 billion won. The partial reinstatement of the fuel tax flexible rate increased the revenue by 100 billion won compared to the same period last year. The Special Tax for Rural Development increased by 200 billion won to 800 billion won.
As of March, cumulative national tax revenue totaled 93.3 trillion won, which is an increase of 8.4 trillion won compared to the same period last year. The progress rate against the budget is 24.4%. This is lower compared to the previous year's rate of 25.2% and the 5-year average of 25.4%.
However, the national tax revenue progress rates for last year and the recent five years are based on settlement of account. If assessed based on the original budget, the progress rate for March last year was 23.1%, while the progress rate for March 2023 was 21.7%, which is lower than this March.
The government projected national tax revenue for this year at 382.4 trillion won when it announced the 2025 budget plan last August.