S. Korea's tax revenue falls in H1

South Korea's tax revenue fell for the first six months of this year owing to the economic downturn and the real estate market slump, government data showed Thursday.

Tax revenue came to 178.5 trillion won (135.6 billion U.S. dollars) in the January-June period, down 39.7 trillion won (30.2 billion dollars) compared to the same period of last year, according to the Ministry of Economy and Finance.

Income tax revenue diminished 11.6 trillion won (8.8 billion dollars) as the faltering property market reduced revenue from housing transactions.

Corporate tax collection dwindled 16.8 trillion won (12.8 billion dollars) as corporate earnings dropped on the back of the economic slowdown.

Total revenue, including tax and non-tax revenues, dipped 38.1 trillion won (28.9 billion dollars) to 296.2 trillion won (225.1 billion dollars) in the six-month period.

Total expenditure retreated 57.7 trillion won (43.8 billion dollars) to 351.7 trillion won (267.3 billion dollars).

The managed fiscal balance, excluding the social security fund, logged a deficit of 83.0 trillion won (63.1 billion dollars) for the first six months of this year.

The central government's debt stood at 1,083.4 trillion won (823.3 billion dollars) at the end of June, down 5.3 trillion won (4 billion dollars) from a month earlier.