The estimated tax revenue for the year has been slashed by 59-point-one trillion won, or around 44-point-six billion U.S. dollars, on the back of weak corporate earnings and a slump in the property market.

According to the finance ministry, its latest projection was revised to 341-point-four trillion won, down from the previous estimate of 400-point-five trillion won.

The ministry pointed to the global economic slowdown and a slump in the semiconductor industry leading to sluggish export figures that ultimately impacted corporate earnings.

It added that a decrease in capital gains taxes collected amid a decline in the number of real estate transactions also contributed to the downward revision, with 323-thousand deals in the January-to-July period constituting a seven-point-seven-percent drop from last year.

In order to tackle the fall in tax revenue, the government unveiled plans to utilize surplus resources, including those from the foreign exchange equalization fund.