South korea: South Korea's tax revenue saw a significant increase of 8.4 trillion won (US$6 billion) in July compared to the same month last year, driven by higher income and securities transaction tax collections, as per the latest data released Monday.

According to Yonhap News Agency, the Ministry of Finance and Economy reported that the government collected a total of 51 trillion won in taxes in July. A notable contributor to this rise was the income tax revenue, which increased by 1.8 trillion won, reaching 13.6 trillion won. The finance ministry attributed this growth to a combination of higher wages and an uptick in housing transactions.

Additionally, the country's robust securities markets played a crucial role in the revenue boost, with securities transaction tax collections growing by 1.1 trillion won, totaling 1.4 trillion won. The data also reflected an increase in value-added tax revenue, which rose by 3.2 trillion won to 24.6 trillion won, largely due to a rise in imports.

For the first seven months of the year, South Korea's tax earnings amounted to 274 trillion won, marking a substantial increase of 41.4 trillion won from the same period last year.