Local Tax Revenue of 114.1 Trillion Won Last Year... Increasing Trend

2024 Local Tax Revenue Reaches 114.1 Trillion Won
Exceeds Initial Budget by 3.4 Trillion Won
Acquisition and Consumption Taxes Increase, Local Income Tax Decreases
2025 Initial Budget Set at 115.1 Trillion Won, Up 4.4 Trillion Won

The annual local tax revenue for 2024 was recorded at 114.1 trillion won.

The Ministry of the Interior and Safety announced on the 25th that the annual local tax revenue for last year increased by 1.6 trillion won from 2023 to 114.1 trillion won. While local tax revenue decreased in 2023 compared to 2022, it shifted to an increasing trend in 2024 compared to the previous year.

Last year's local tax revenue exceeded the initial local tax revenue budget of 110.7 trillion won by 3.4 trillion won, resulting in no overall local tax shortfall.

By major tax items, acquisition tax revenue was 26 trillion won, an increase of 1.6 trillion won compared to 2023. Local consumption tax revenue was 25.8 trillion won, rising by 1.2 trillion won during the same period.

On the other hand, local income tax revenue decreased by about 2.9 trillion won to 20 trillion won.

The initial local tax revenue budget for 2025 is 115.1 trillion won, an increase of 4.4 trillion won from last year, indicating that the trend of increasing local tax revenue is expected to continue.