Tax Revenues Plunge as Economy Stagnates

  • By Kim Sung-mo

    August 01, 2023 13:19

    Korea's tax revenues dropped about W40 trillion on-year in the first half of this year amid a lull in home sales and the economic slump (US$1=W1,275).
    The Ministry of Economy and Finance on Monday said tax revenues amounted to W178.5 trillion from January through June, down W39.7 trillion from a year earlier.
    The amount accounted for only 44.6 percent of the revenue budget of W400.5 trillion, 10.5 percentage points lower than the same period last year and the lowest since 2000.
    Even if taxes are collected at the same pace as last year for the remainder of the year, this year's tax revenues are expected to fall W44.4 trillion short.
    The fall is largely because of a sharp decrease in corporate tax payments, which dropped W16.8 trillion or 26.4 percent due to a decline in operating profits.
    Income tax revenues also dropped W11.6 trillion due to a fall in housing transactions. 
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