SEOULgooglefreespincoinmaster, July 11 (Xinhua) -- South Korea's tax revenue fell for the first five months of this year due to higher corporate tax benefits, government data showed Thursdaygooglefreespincoinmaster.
Tax revenue stood at 151.0 trillion won (109.5 billion U.S. dollars) in the January-May period, down by 9.1 trillion won (6.6 billion dollars) compared to the same period of 2023, according to the Ministry of Economy and Finance.
Corporate tax collection dipped by 15.3 trillion won (11.1 billion dollars) in the five-month period on the increased tax benefits for companies.
Income tax revenue gained 300 billion won (217.5 million dollars), while revenue from value-added tax climbed by 5.3 trillion won (3.8 billion dollars).
Total revenue, including tax and non-tax revenues, increased by 1.6 trillion won (1.2 billion dollars) to 258.2 trillion won (187.2 billion dollars) in the five-month period.
Total expenditure expanded by 23.0 trillion won (16.7 billion dollars) to 310.4 trillion won (225 billion dollars).
The managed fiscal balance, excluding social security fund, recorded a deficit of 74.4 trillion won (53.9 billion dollars) in the first five months of 2024.
The central government's debt came to 1,146.8 trillion won (831 billion dollars) at the end of May, up by 17.9 trillion won (13 billion dollars) from a month earlier.■