Government Faces Revenue Fall

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Government Faces Revenue Fall

Tax collections this year are falling short of expectations due to the economic slowdown, the government said Wednesday.

First-quarter tax revenues totaled 26.1 trillion won ($20.0 billion), up 0.3 percent from the same period last year. But that growth rate is far short of the pace needed for the government to meet its goal of a 19 percent increase in collections. Corporate tax receipts are up 7 percent from the same period last year, while collections for securities transactions are down 43 percent, reflecting the slump in the stock markets.

If collection figures fail to pick up it could lead to budget expenditure troubles by the second half of the year, the government said.
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