South Korea's tax revenue slipped 24 trillion won (US$17.8 billion) on-year in the first three months of 2023 following a slump in the real estate sector, data showed Friday.
Tax revenue amounted to 87.1 trillion won over the January-March period, compared with 111.1 trillion won tallied a year earlier, according to the Ministry of Economy and Finance.
In March alone, the country's tax revenue came to 32.8 trillion won, down 8.3 trillion won from the previous year.
The ministry blamed the decline on the weak housing market coupled with sluggish exports, which in turn led to less corporate profits.
The income tax collected fell 7.1 trillion won on-year over the three months as the number of houses traded in the country plunged 38.2 percent on-year in January.
The amount of corporate tax collected slipped 6.8 trillion won to reach 24.3 trillion won.
South Korea's exports over the October-December period of 2022 came to $159 billion, down 10 percent from a year earlier.
The collection from securities transactions fell 800 billion won over the period to reach 1.2 trillion won amid the bearish market and economic uncertainties.
The revenue from traffic-related taxes decreased by 600 billion won, as a result of the government's policy to reduce the tax on fuel as a measure to combat inflation.
Earlier this month, Finance Minister Choo Kyung-ho noted that the country's tax revenue may fall below expectations this year due to the economic slowdown. The government previously said this year's tax revenue is anticipated to reach 400.5 trillion won.
Source: Yonhap News Agency