Tax revenue came to 160.2 trillion won (125.8 billion U.S. dollars) in the January-May period, down 36.4 trillion won (28.6 billion dollars) compared to the same period of last year, according to the Ministry of Economy and Finance.
Income tax revenue diminished 9.6 trillion won (7.5 billion dollars) as the faltering property market reduced revenue from housing transactions.
Corporate tax collection dwindled 17.3 trillion won (13.6 billion dollars) as corporate earnings dropped on the back of the economic slowdown.
Total revenue, including tax and non-tax revenues, dipped 37.0 trillion won (29.1 billion dollars) to 256.6 trillion won (201.5 billion dollars) in the five-month period.
Total expenditure retreated 55.1 trillion won (43.3 billion dollars) to 287.4 trillion won (225.7 billion dollars).
The managed fiscal balance, excluding social security fund, logged a deficit of 52.5 trillion won (41.2 billion dollars) for the first five months of this year.
The central government's debt stood at 1,088.7 trillion won (855.1 billion dollars) at the end of May, up 16.0 trillion won (12.6 billion dollars) from a month earlier.
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