South Korea’s September Tax Revenue Rises 26.4 Trillion Won as Chipmaker Profits Improve

South Korea’s tax revenue rose by 26.4 trillion won year over year in September, mainly as stronger chipmaker earnings lifted corporate tax receipts. According to Sina Finance, South Korea’s Ministry of Economy and Finance reported total tax collections of 55.2 trillion won for the month; corporate income tax revenue increased by 23.6 trillion won to 36.2 trillion won. Personal income tax revenue rose by 1.2 trillion won to 9.7 trillion won, supported by an increase in the number of regular employees. Higher housing transaction volumes also boosted capital gains tax revenue. Inheritance and gift tax revenue increased by 200 billion won. The ministry partly attributed the rise to more real estate gift transactions, which reached 7,000 in June, up 31.2% from 5,300 a year earlier. In the first nine months of this year, South Korea’s government collected 385 trillion won in taxes, up 95.4 trillion won year over year.