Choi Sang-mok, the chief of Ministry of Economy and Finance, is seen on Wednesday. (Ministry of Economy and Finance)
Choi Sang-mok, the chief of Ministry of Economy and Finance, is seen on Wednesday. (Ministry of Economy and Finance)

South Korea's tax revenue rose 5.1 percent from a year earlier in the first two months of 2025, the finance ministry said Monday.

The government collected 61 trillion won ($41.46 billion) in taxes in January and February, up 2.9 trillion won from the previous year, according to the Ministry of Economy and Finance.

The rise was mainly driven by a 2 trillion won increase in income tax, attributed to expanded performance-based bonuses.

However, value-added tax revenue declined by 70 billion won due to a surge in refund applications. Stock transaction tax revenue also fell by 50 billion won during the period.

In February alone, South Korea's total tax revenue climbed 18.6 percent on-year to 14.3 trillion won. (Yonhap)