SEOUL: South Korea's tax revenue fell 9.1 trillion won (US$6.55 billion) during the first five months of 2024, due mainly to the sluggish earnings of businesses, data showed Friday.The government collected 151 trillion won in taxes over the January-May period, down 5.7 percent from 160.2 trillion won tallied a year earlier, according to the Ministry of Economy and Finance.The decline was due mainly to the fall in corporate taxes collected.The collection of corporate taxes sank 35.1 percent on-year, or 15.3 trillion won, to 28.3 trillion won during the five-month period.Operating profits of companies listed on the main bourse nose-dived 45 percent on-year in 2023, according to government data. Those listed on the tech-heavy KOSDAQ market also saw their earnings sink 39.8 percent over the period.The amount of income tax collected, however, increased 0.7 percent on-year to 51.5 trillion won due to higher wages and the rise in the number of employed people.The data also showed the amount of value-adde d tax rose 16.1 percent to 38.8 trillion won on the back of improved consumption. Import duties, however, fell 8.4 percent to 2.7 trillion won due to a decrease in imports.South Korea's imports over the first five months of 2024 came to US$262.6 billion, down from $280.2 billion tallied a year earlier.In May alone, the country's total tax revenue came to 25.5 trillion won, down from 26.2 trillion won tallied a year earlier.Last year, the country's total revenue fell 77 trillion won on-year to 497 trillion won, as tax collections dropped due to poor corporate performance and the property market slump.Source: Yonhap News Agency
- May 25, 2026
