South Korea’s Corporate Tax Take of ₩216.7 Trillion to Overtake Income Tax, Fueled by Samsung Electronics and SK Hynix

South Korea expects corporate tax revenue to reach ₩216.7 trillion in 2027, surpassing income tax for the first time since 2012. Total national tax revenue...

Key Takeaways
  • South Korea projects ₩216.7 trillion in corporate tax revenue for 2027, topping income tax by ₩36.7 trillion.
  • The budget expects total national tax revenue to hit ₩584.4 trillion, the first time above ₩500 trillion.
  • Tax expenditures are also projected to reach a record ₩104.9 trillion next year.

South Korea projects corporate tax revenue of ₩216.7 trillion in 2027, putting the levy ₩36.7 trillion above income tax and reversing the relationship for the first time since 2012.

The government forecasts income tax revenue at ₩180.0 trillion next year. The gap reflects a sharp rebound in company profits, led by the country’s semiconductor industry.

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South Korea’s Corporate Tax Take of ₩216.7 Trillion to Overtake Income Tax, Fueled by Samsung Electronics and SK Hynix
South Korea’s Corporate Tax Take of ₩216.7 Trillion to Overtake Income Tax, Fueled by Samsung Electronics and SK Hynix

The Ministry of Economy and Finance released the figures in its 2027 national tax revenue budget on September 1, 2026. The forecast would also mark the first time corporate tax receipts exceed ₩200 trillion.

Chipmakers are driving the increase. Samsung Electronics and SK hynix are expected to contribute to the profit surge behind the government’s projection.

The 2027 budget puts business receipts ahead of personal income tax

The plan projects a broad increase in national tax collection. Total receipts would reach ₩584.4 trillion, an increase of 40.7% and the first time South Korea would surpass ₩500 trillion in national tax revenue.

Category2027 projectionComparison
Corporate tax₩216.7 trillion₩36.7 trillion above income tax
Income tax₩180 trillionBelow corporate tax
Total national tax revenue₩584.4 trillionFirst time above ₩500 trillion

The corporate figure is more than twice the ₩101.3 trillion projected for 2026 on a supplementary-budget basis. Measured against this year’s supplementary budget, the increase is ₩115.3703 trillion, or 113.9%.

That jump gives the 2027 plan an unusually concentrated dependence on corporate earnings. The projection links the increase to the semiconductor profit boom rather than to a gradual rise across the tax base.

Corporate receipts have climbed from the ₩40 trillion range to a projected record

The last time corporate tax exceeded income tax, in 2012, the two categories were nearly level. Corporate tax stood at ₩45.9 trillion, compared with ₩45.8 trillion for income tax.

The gap widened only after a long climb in business receipts. Corporate tax remained in the ₩40 trillion range during 2012–2013, moved above ₩100 trillion in 2021 and reached ₩130.5 trillion in 2025.

This year’s figure is projected at ₩136.8 trillion. The proposed 2027 total would therefore represent a much steeper rise than the increases recorded during the earlier part of the series.

The budget’s figures place the rebound in the context of the chip cycle. Stronger earnings at the country’s largest semiconductor companies are expected to flow into corporate tax payments, lifting the category well above its recent range.

Tax expenditures are also set to reach a first

The government expects tax expenditures to surpass ₩100 trillion for the first time next year, reaching ₩104.9 trillion.

That projection accompanies the rise in tax receipts in the 2027 budget. It points to simultaneous growth in the amount collected and the value of tax measures that reduce or defer government revenue.

The Ministry’s forecast does not attach a named minister or spokesperson to the figures in the reported budget material. The official projection instead comes through the national tax revenue budget released September 1.

The figures were reaffirmed in reporting dated September 14, 2026. If the forecast holds, 2027 will bring both the first corporate tax total above ₩200 trillion and the first national tax take above ₩500 trillion.

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Nadia Hassan covers immigration policy and legislation for VisaVerge.com, decoding the bills, executive actions, agency rule changes, and fee structures that reshape the system. With a sharp eye for how Washington's decisions reach ordinary applicants, she translates dense policy into practical context. Nadia's analysis gives readers the "what it means for you" behind every major immigration announcement.