Korea’s Tax Revenue Rises by $15.5 Billion

South Korea's tax revenue rose by more than 21 trillion won ($15.5 billion) from a year earlier in the first five months of the year, driven largely by a surge in corporate tax collection, Korea's finance ministry said Monday.

The government collected 172.3 trillion won in taxes during the January-May period, up from 151 trillion won in the same period last year, according to data from the Ministry of Economy and Finance.

The increase was mainly attributed to higher corporate tax revenue, which amounted to 42.7 trillion won during the five-month period, up 51% from the same period last year, according to South Korea's News Agency (Yonhap).

Income tax revenue also rose by 6.2 trillion won on-year to 57.7 trillion won over the cited period, largely due to an increase in bonus payments and a higher number of employed workers.

Meanwhile, value-added tax revenue declined by 1.1 trillion won during the same period, partly due to increased tax refunds and a base effect from last year's elevated figures.