Chip boom set to push Korea's excess tax revenue above $37 billion
Korea is on track to collect more than 50 trillion won ($37 billion) more in tax revenue than projected earlier this year, as robust earnings in the semiconductor sector are set to bolster coffers, according to government insiders Sunday. The excess tax revenue could also substantially increase the resources available for the Future Fund, a new fiscal vehicle included in the government’s 2027…
South Korea anticipates collecting over 50 trillion won ($37 billion) more in tax revenue than initially projected this year, according to government insiders. The surge in earnings from the semiconductor industry is expected to significantly boost the country's tax coffers, with the excess funds potentially allowing the Future Fund to exceed 200 trillion won in total, as reported by <source a4c9983c-712>.
The Ministry of Finance and Economy is set to release an updated forecast for 2026 national tax revenue on Wednesday, along with the latest tax collection data for August. The government had already revised its annual tax revenue forecast upward by 25.2 trillion won to 415.4 trillion won from the original 390.2 trillion won when it passed the supplementary budget in April.
If tax receipts surpass the revised estimate by more than 50 trillion won, the annual national tax revenue could increase to around 465.4 trillion won, surpassing the previous record of 395 trillion won (as per <source a4c9983c-712>).
Written by urgent.news from The Korea Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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