Tax revenue came in at 305.2 trillion won (235.3 billion U.S. dollars) in the January-October period, down 50.4 trillion won (38.9 billion dollars) from a year earlier, according to the Ministry of Economy and Finance.
Income tax revenue decreased 14.6 trillion won (11.3 billion dollars) as the faltering property market lowered revenue from housing transactions.
Corporate tax collection dwindled 23.7 trillion won (18.3 billion dollars) as corporate earnings tumbled on the back of the economic slowdown.
Total revenue, including tax and non-tax revenues, dipped 45.2 trillion won (34.9 billion dollars) to 492.5 trillion won (379.7 billion dollars) in the 10-month period.
Total expenditure retreated 77.8 trillion won (60 billion dollars) to 502.9 trillion won (387.7 billion dollars).
The managed fiscal balance, excluding social security fund, posted a deficit of 52.2 trillion won (40.2 billion dollars) for the first 10 months of this year.
The central government's debt amounted to 1,105.5 trillion won (852.3 billion dollars) at the end of October, up 5.9 trillion won (4.5 billion dollars) from a month earlier.
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