Tax revenue up $3.85 bil. in June on higher incomes, property market

Apartment buildings are seen in Seoul from Namsan, July 19. Yonhap

Korea's tax revenue rose by 5.5 trillion won ($3.85 billion) in June from a year earlier on higher incomes and an increase in the number of homes traded, data showed Friday.

The government collected 23.1 trillion won in taxes last month, up 31.1 percent from a year earlier, according to the Ministry of Finance and Economy.

The finance ministry attributed the increase to higher income tax collections, which totaled 8.9 trillion won in June, up 1.4 trillion won from a year earlier, reflecting wage hikes and an increase in the number of homes traded.

The total number of homes traded in the country came to 69,800 in April, up 6.6 percent from 65,400 a year earlier.

Korea also collected 2.7 trillion won in corporate taxes, up 400 billion won from a year earlier.

Revenue from the securities transaction tax rose 1.2 trillion won from a year earlier to 1.4 trillion won.

For the January-June period, tax revenue came to 223 trillion won, up 17.4 percent, or 33 trillion won, from a year earlier.