(MENAFN- Qatar News Agency) South Korea's tax agency said Monday that it has collected about 6 trillion won about (US$5.7 billion) less in taxes on-year during the first eight months of this year as the slowing economic recovery undercut corporate and other revenues.
In its briefing to lawmakers ahead of a parliamentary audit session, the National Tax Service (NTS) said that it had collected 129.6 trillion won in national tax during the January-August period, which is 5.9 trillion won less compared with that in the same period a year earlier, according to South Korea's (Yonhap) News Agency
The amount represents 65.1% of 199 trillion won that the NTS aims to collect for this year
The ratio is also down from the 70.5% tallied during the same period last year
The NTS attributed the decline to less collection of corporate tax and other indirect tax revenues affected by the toughened economic conditions and slumping private-sector consumption
The decline comes despite the government's intensifying effort to reduce tax revenue shortfalls in the face of its growing need for fiscal spending on boosting the economy and finance possibly-increasing welfare spending
The NTS said that it will do its best to make sure that tax revenue shortfalls will be "minimized" this year
To that end, the tax agency said that it will step up its crackdown on tax evasion by making use of financial data on cash-based transactions that will be provided by the Financial Intelligence Unit (FIU) starting next month.
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