Go to Contents Go to Navigation

S. Korea's tax revenue down 16 tln won in first two months of 2023

All News 11:09 March 31, 2023

SEOUL, March 31 (Yonhap) -- South Korea's tax revenue fell 15.7 trillion won (US$12.16 billion) in the first two months of this year on-year over the slump in the real estate and securities markets, data showed Friday.

Tax revenue amounted to 54.2 trillion won in the January-February period, compared with 69.9 trillion won the previous year, according to the Ministry of Economy and Finance.

In February alone, tax revenue fell 9 trillion won on-year.

The fall in tax revenue was largely blamed on the dwindling asset market amid an economic slowdown.

The transfer income tax fell 4.1 trillion won as the number of homes traded in December sank around 46.8 percent on-year.

The collection from stock transactions halved on-year to 800 billion won amid the bearish market, according to the data.

The economic slowdown also led to the fall in the government's collection of value-added taxes by 5.9 trillion won to come to 13.9 trillion won, and the corporate taxes also went down 700 trillion won to 3.4 trillion won, the ministry said.

S. Korea's tax revenue down 16 tln won in first two months of 2023 - 1


Send Feedback
How can we improve?
Thanks for your feedback!