Tax Revenue Plunges in 1st 5 Months

  • Arirang News

    July 03, 2023 08:17

    National tax revenue for the first five months of the year has recorded its sharpest ever on-year drop.
    Data from the Ministry of Economy and Finance released last Friday shows that revenue in the period came to a little over US$121 billion, down more than $27 billion compared to a year earlier.
    As a proportion of the budget for this year, revenue collected through May was only 40 percent -- the lowest on record since the government started collecting such data in 2000. The proposed annual budget is $305 billion.
    The ministry attributed the drop mainly to weak corporate performances and decreased property taxes from fewer real estate transactions.
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