Finance minister Choo Kyung-ho has presented a gloomy outlook for tax revenue for this year.

In a plenary session of the parliamentary committee on strategy and finance on Monday, Choo said the tax revenue situation will not be favorable throughout the year.

Minister Choo said that even though the government set a conservative estimate for this year's tax revenue, the real estate market and the stock market contracted rapidly at the end of last year and in the first quarter of this year, leading to larger declines than expected in related tax revenues. 

The minister warned that this year would be the most difficult year in the last 30 years, calling on the nation to work together to overcome the crisis.  

Despite a looming decline in this year's tax income, Choo said that he was not considering planning a supplementary budget. 

The minister said that the government needs to monitor a bit longer to determine the exact scope of this year's tax revenue.