Tax revenue for January and February fell 16 trillion won compared to last year as it came in at an estimated 54-point-two trillion won.

The finance ministry in its release on Thursday attributed the plunge largely to a shortfall of four trillion won in capital gains tax revenue as well as an 800 million-won drop in earnings from securities transaction taxes amid a slump in the real estate and stock markets.

The ministry also found that the nation’s deficit of the consolidated fiscal balance, excluding social security funds, amounted to nearly 31 trillion won during the first two months of the year.

Standing at roughly eleven trillion won more compared to the same period last year, the figure is little over half of the government's earlier projection of 58-point-two trillion won for the whole of 2023.