South Korea’s national tax revenue rose to $22.2 billion (30.1 trillion won) in May, up $3.5 billion (4.7 trillion won) from the same month last year, the finance ministry said Monday. Cumulative revenue for the first five months of 2025 reached $127.1 billion (172.3 trillion won), an increase of $15.7 billion (21.3 trillion won) year-on-year, representing about 45% of the government’s tax revenue target for this year.

The ministry attributed the gains to a sharp rise in income and corporate tax receipts. Income tax revenue rose about $2 billion (2.7 trillion won), driven by a $1.2 billion (1.6 trillion won)