SEOUL, May 9 (Xinhua) -- South Korea's tax revenue fell for the first three months of this year due to lower corporate earnings and household income, government data showed Thursday.
Tax revenue came in at 84.9 trillion won (62.1 billion U.S. dollars) in the January-March period, down 2.2 trillion won (1.6 billion dollars) compared to the same period of last year, according to the Ministry of Economy and Finance.
Income tax revenue dwindled by 700 billion won (511.7 million dollars) on lower household income, but revenue from value-added tax expanded by 3.7 trillion won (2.7 billion dollars) on consumption improvement.
Corporate tax collection dipped 5.5 trillion won (4 billion dollars) on decreased corporate earnings.
Total revenue, including tax and non-tax revenues, increased by 2.1 trillion won (1.5 billion dollars) to 147.5 trillion won (107.8 billion dollars) in the three-month period.
Total expenditure gained 25.4 trillion won (18.6 billion dollars) to 212.2 trillion won (155.1 billion dollars).
The managed fiscal balance, excluding social security fund, recorded a deficit of 75.3 trillion won (55 billion dollars) in the first three months of 2024.
The central government's debt stood at 1,115.5 trillion won (815.4 billion dollars) at the end of March, down 4.9 trillion won (3.6 billion dollars) from a month earlier. ■
