SEOUL, May 11 (Xinhua) -- South Korea's tax revenue dropped in the first quarter due to the local economic slump, the finance ministry said on Thursday.
Total income, including tax revenue, reached 145.4 trillion won (110 billion U.S. dollars) in the January-March quarter, down 25 trillion won (18.9 billion dollars) from a year earlier, according to the Ministry of Economy and Finance.
National tax revenue plunged 24 trillion won (18.2 billion dollars) to 87.1 trillion won (65.9 billion dollars) as export falls roiled the manufacturing industry.
Non-tax revenue reduced to 7.4 trillion won (5.6 billion dollars) in the first quarter, but fund income gained to 50.9 trillion won (38.5 billion dollars) on the back of an increased insurance premium.
Total expenditure came in at 186.8 trillion won (141.3 billion dollars) in the first quarter, down 16.7 trillion won (12.6 billion dollars) from the same quarter of last year. ■
