South Korea's tax revenue decreased 43.3 trillion won (US$32.7 billion) on-year through July this year, data showed Thursday, due to sluggish corporate earnings and a property market slump.
Tax revenue reached 217.6 trillion won during the January-July period, down from 261 trillion won tallied a year earlier, according to the Ministry of Economy and Finance.
Over the period, the amount of income tax collected fell 12.7 trillion won, with gathered corporate tax decreasing 17.1 trillion won.
South Korea also collected 700 billion won less in transportation tax as the country cut tax on fuels to tackle inflation.
In July alone, the government collected 39.1 trillion won in taxes, down 3.7 trillion won from the previous year.
The ministry attributed the decrease to the lower amount of capital gains and gift tax collected amid the falling number of traded homes. The number of homes traded reached 55,000 in May, dropping 12.7 percent on-year.
Earlier this week, the government said it plans to collect 367.4 trillion won in total national taxes next year, down 8.2 percent from 400.5 trillion won planned for 2023.
Source: Yonhap News Agency