Tax revenue up 26.4 tln won in Sept. amid chip supercycle

By Kang Yoon-seung

SEOUL, Oct. 30 (Yonhap) -- South Korea's tax revenue rose by 26.4 trillion won (US$19.6 billion) in September from a year earlier on the back of higher corporate tax collections driven by improved earnings at chipmakers, data showed Friday.

The government collected 55.2 trillion won in taxes last month, according to the Ministry of Finance and Economy.

Corporate tax revenue rose by 23.6 trillion won to 36.2 trillion won, with the finance ministry attributing the increase to improved earnings at chipmakers.

Income tax revenue rose by 1.2 trillion won to 9.7 trillion won on the back of an increase in the number of regular workers, while more housing transactions led to higher capital gains tax collections.

Other major gainers included inheritance and gift taxes, revenue from which increased by 200 billion won.

The finance ministry attributed the increase partly to a rise in housing gift transactions, which reached 7,000 in June, up 31.2 percent from 5,300 a year earlier.

For the January-September period, total tax collections came to 385 trillion won, up 95.4 trillion won from a year earlier.

colin@yna.co.kr
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