Tax revenue estimated to hit record high in 2026 on chip boom

Korea's tax revenue is projected to reach a new record of 478.6 trillion won ($353.7 billion) in 2026, according to government data released on Wednesday. This represents a significant increase of 104.7 trillion won compared to the previous year's 373.9 trillion won. The previous record was set in 2022, when tax revenue hit 395.9 trillion won.

The revised estimate is 88.4 trillion won higher than the initial projection used to create the 2026 budget. Finance ministry officials attribute this surge to the booming semiconductor industry and a bullish stock market, both of which were challenging to forecast. Operating profits in the chip sector were reportedly 70 to 80 percent higher than initially anticipated.

The ministry expects corporate tax revenue to reach 136.4 trillion won this year, up 51.8 trillion won from 2025. Samsung Electronics and SK hynix Inc. are projected to generate around 638 trillion won in combined operating profits for the year, up from 339 trillion won in the previous period.