South Korea's tax revenue fell for the first seven months of this year due to economic downturn and the real estate market slump, government data showed Thursday.
Tax revenue stood at 217.6 trillion won (163.9 billion U.S. dollars) in the January-July period, down 43.4 trillion won (32.7 billion dollars) compared to the same period of last year, according to the Ministry of Economy and Finance.
Income tax revenue diminished 12.7 trillion won (9.6 billion dollars) as the faltering property market reduced revenue from housing transactions.
Corporate tax collection dwindled 17.1 trillion won (12.9 billion dollars) as corporate earnings dropped on the back of economic slowdown.
Total revenue, including tax and non-tax revenues, dipped 40.7 trillion won (30.7 billion dollars) to 353.4 trillion won (266.2 billion dollars) in the seven-month period.
Total expenditure retreated 59.1 trillion won (44.5 billion dollars) to 391.2 trillion won (294.7 billion dollars).
The managed fiscal balance, excluding social security fund, posted a deficit of 67.9 trillion won (51.2 billion dollars) for the first seven months of this year.
The central government's debt came to 1,097.8 trillion won (827 billion dollars) at the end of July, up 14.5 trillion won (10.9 billion dollars) from a month earlier. ■
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