In brief
South Korea’s Ministry of Finance and Economy announced that national tax revenue for September increased 91.6% year‑on‑year to 55.2 trillion won, according to Xinhua. The surge is largely due to corporate tax gains, which rose 187.6% to 36.2 trillion won, propelled by Samsung Electronics and SK hynix. The figures underscore the semiconductor sector's pivotal role in the country’s fiscal health.
South Korea's Ministry of Finance and Economy announced on Friday that national tax revenue for September rose 91.6% year‑on‑year to 55.2 trillion won, according to Xinhua.
The total collection, which equaled about 41.4 billion U.S. dollars, reflects a sharp increase in corporate tax, which surged 187.6% to 36.2 trillion won.
The jump is largely driven by the explosive earnings of semiconductor giants, with Samsung Electronics and SK hynix reported as the biggest contributors to the hike.
These figures underscore the critical role of the chip industry in South Korea's fiscal health, as the corporate tax gain alone is expected to boost the national budget by several hundred billion won.
The same surge was reported by Big News Network a few hours after Xinhua's release, confirming the rapid corporate performance in the sector.
Samsung Electronics posted record Q3 profits, a move that fueled the corporate tax bump, said Big News Network.
SK hynix also reported strong earnings, contributing to the boost, the outlet added.
Analysts note the rise reinforces South Korea’s position as a leading semiconductor exporter and its potential to generate further tax revenue in the coming months.
Beyond semiconductors, revenue from personal income tax remained stable, while VAT collection showed modest growth.
Government officials anticipate that the tax momentum may sustain into the next quarter, provided semiconductor demand remains strong.
