Tax revenue continued to decline in June, with the shortfall reaching ten trillion won, or around seven-point-two billion U.S. dollars, in the first half of the year.

According to the finance ministry on Wednesday, tax revenue stood at 17-point-five trillion won in June, down 900 billion won from a year earlier, with a ministry official explaining that there was no special source of revenue during the month.

There was also reduced collection of corporate taxes which were down 700 billion won on-year due to poor corporate performance, while comprehensive real estate tax revenues declined by 400 billion won on-year because of a drop in declared prices and tax rate adjustment.
 
Despite an increase in the number of newly employed and wages, which have led to rising earned income tax, total income taxation fell 100 billion won on-year on the back of a decline in the general income tax paid by small business owners.

The cumulative tax revenue during the first six months of the year stood at 168-point-six trillion won, down ten trillion won from a year earlier, which is 45-point-nine percent of the year's targeted revenue.