Busan Suyeong Tax Office Regains Top Spot in Tax Revenue Amid Stock Market Boom... Namdaemun Ranks Second

National Tax Service Launches National Tax Statistics Portal (TASIS) for First Batch of Ad Hoc Tax Statistics Disclosure
Swimming Tops Rankings in Exchange and Depository Jurisdictions for the First Time in 4 Years

[Sejong=Asia Economy Reporter Kim Hyunjung] With last year's stock market boom continuing, the Busan Suyeong Tax Office, which oversees the Korea Securities Depository, reclaimed the top spot in national tax revenue for the first time in four years. Namdaemun Tax Office, which had held the top position continuously since 2017, was pushed to second place due to a decline in corporate tax revenue.

On the 22nd, the National Tax Service launched the National Tax Statistics Portal (TASIS), a complete overhaul of the existing National Tax Statistics website, and released the latest statistics reflecting this change.

According to the released statistics, last year Suyeong Tax Office collected a total of 17.1 trillion won in tax revenue, ranking first among 128 tax offices nationwide. The second place went to Namdaemun Tax Office (14.7888 trillion won), and the third to Yeongdeungpo Tax Office (10.1128 trillion won).

Suyeong Tax Office's tax revenue surged by about 6.5 trillion won (60.9%) compared to the previous year (10.6 trillion won), jumping two ranks from third to first nationwide. This was predominantly influenced by last year's stock market boom. The Korea Exchange and Korea Securities Depository are located within Suyeong Tax Office's jurisdiction. The securities transaction tax collected by Suyeong Tax Office last year was 8.4259 trillion won, a 100.9% increase from the previous year (4.1932 trillion won). Previously, after the Korea Exchange and the Securities Depository relocated their headquarters from Yeouido, Seoul to Busan, securities transaction tax revenue increased, and Suyeong Tax Office ranked first nationwide for two consecutive years in 2015 and 2016.

Recently, the competition for the top national tax revenue spot has been between Suyeong and Namdaemun, essentially a contest between securities transaction tax revenue and corporate tax revenue. Namdaemun Tax Office, which ranked first from 2005 to 2009 and 2017 to 2019, has many large corporations and major financial company headquarters within its jurisdiction, making corporate tax revenue the dominant factor in total tax revenue. Yeongdeungpo Tax Office, which had the Korea Exchange and Securities Depository in its jurisdiction (Yeouido) before their relocation to Busan, maintained the top national rank for five years from 2010 to 2014.

Conversely, the lowest tax revenue was recorded by Yeongdeok Tax Office in Gyeongbuk (100.2 billion won), followed by Haenam in Jeonnam (105.3 billion won), and Namwon in Jeonbuk (130 billion won), all ranking in the lower tier.

Last year, the total tax revenue collected by the National Tax Service nationwide was 277.3 trillion won, a 2.5% (7.1 trillion won) decrease compared to the previous year (284.4 trillion won). The proportion of tax revenue collected by the National Tax Service relative to total national tax revenue was 97.1%, up 0.2 percentage points from last year's 96.6%.

Meanwhile, the National Tax Service plans to publish national tax statistics on the portal as they are produced, instead of the previous schedule of releasing them three times a year in July, November, and December.