Tax revenue up 8.4 tln won in July on higher wages, brisk stock trading

Korea's tax revenue increased by $6 billion in July compared to the previous year, driven by higher incomes, increased securities trading activity, and a rise in imports. The Ministry of Finance and Economy reported that the government collected 51 trillion won in taxes last month, with income tax revenue up by 1.8 trillion won to 13.6 trillion won.

Securities transaction tax collection saw a significant rise of 1.1 trillion won to 1.4 trillion won, attributed to the country's bullish securities markets. Additionally, value-added tax revenue grew by 3.2 trillion won to 24.6 trillion won due to increased imports. Over the first seven months of the year, Seoul's tax earnings reached 274 trillion won, marking a sharp 41.4 trillion won increase compared to the same period last year.

Brief written by urgent.news from The Korea Times's own syndicated text. Machine-written — may contain errors; check the original before relying on it.