[2020 National Tax Statistics] 4,810 Individuals with Financial Income Over 500 Million Won... 5.6% Increase from Previous Year

[Asia Economy Reporter Kwangho Lee] The taxable income base for comprehensive income tax attributed to last year increased significantly. The average comprehensive income of taxpayers subject to comprehensive taxation on financial income reached 270 million KRW.

On the 29th, the National Tax Service published the "2020 National Tax Statistical Yearbook" containing this information.

A total of 538 national tax statistical items were disclosed, including 28 new statistics. By category, these include 27 items on collection (tax revenue), 74 on corporate tax, 39 on income tax, 89 on value-added tax, 38 on withholding tax, 42 on capital gains tax, 34 on inheritance and gift tax, 14 on comprehensive real estate tax, and 84 on earned income tax credit, among others.

The taxable income base for comprehensive income tax attributed to last year was 195.9004 trillion KRW, an increase of 9.6% compared to the previous year.

The total reported tax amount was 34.8933 trillion KRW, up 8.9% from the previous year.

Among the comprehensive income tax filers attributed to last year, the average comprehensive income of taxpayers subject to comprehensive taxation on financial income was 267 million KRW.

The average income per person was also 2.9 billion KRW, an increase of 4.4% compared to the previous year.

An official from the National Tax Service stated, "We are striving to improve the national tax statistics service centered on users to provide useful information to the public."

The National Tax Service disclosed 181 national tax statistics in advance (in July and November) for users to utilize before the publication of the national tax statistics. They also produced and posted online the "National Tax Statistics Guide," which includes basic concepts and frequently asked questions to facilitate easy understanding.