Last year the nation witnessed a tax revenue shortfall of more than 30 trillion won, or about 20-point-six billion U.S. dollars, posting a shortfall for the second consecutive year. 

According to the finance ministry on Monday, the government collected 336-point-five trillion won in taxes in 2024, eight-point-four percent or 30-point-eight trillion won less than forecast during the 2024 budget planning process.

Last year’s tax revenue represents a decrease of seven-and-a-half trillion won from 2023, when the tax revenue deficit reached 56 trillion won. 

The ministry had revised its forecast for the shortfall in September, projecting tax revenue of 337-point-seven trillion won for 2024, but the final figure fell short of the revised estimate.

The shortfall is largely attributed to a decline in corporate tax revenue, which saw an on-year decline of 17-point-nine trillion won last year.