South Korea’s tax revenue logs double-digit fall in 2023

SEOUL   -   South Korea’s tax revenue logged a double-digit fall last year due to economic slow­down and the real estate market slump, govern­ment data showed Thurs­day. Tax revenue retreated 51.9 trillion won (39.1 bil­lion U.S. dollars), or 13.1 percent, to 344.1 trillion won (259.2 billion dollars) in 2023 compared to the previous year, according to the Ministry of Econo­my and Finance. Income tax revenue decreased by 12.9 trillion won (9.7 billion dollars) last year as the faltering property market lowered revenue from housing transac­tions. Corporate tax col­lection dwindled by 23.2 trillion won (17.5 billion dollars) as corporate earn­ings declined on economic downturn. Total revenue, including tax and non-tax revenues, diminished by 77 trillion won (58 bil­lion dollars) to 497 trillion won (374.4 billion dollars) in 2023. Total expenditure was reduced by 69.3 tril­lion won (52.2 billion dol­lars) to 490.4 trillion won (369.4 billion dollars).

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