South korea: South Korea's tax revenue increased by 5.5 trillion won (US$3.85 billion) in June compared to the previous year, driven by higher incomes and a surge in the number of homes traded, as reported on Friday.

According to Yonhap News Agency, the government collected 23.1 trillion won in taxes last month, marking a 31.1 percent rise from the same period last year, based on data from the Ministry of Finance and Economy. This surge in revenue is largely attributed to the increase in income tax collections, which reached 8.9 trillion won in June, an increase of 1.4 trillion won from the previous year. The rise in income tax collections reflects both wage hikes and an upswing in the number of homes traded.

The data further revealed that the total number of homes traded in South Korea was 69,800 in April, up 6.6 percent from 65,400 a year earlier. In addition to income taxes, corporate taxes also saw an increase, with collections amounting to 2.7 trillion won, up by 400 billion won compared to the previous year.

Revenue from the securities transaction tax experienced significant growth, rising 1.2 trillion won from the previous year to reach 1.4 trillion won. For the first half of the year, from January to June, the country's tax revenue totaled 223 trillion won, reflecting an increase of 17.4 percent, or 33 trillion won, from the same period a year earlier.