A cash transport official is carries out the release of funds for the Lunar New Year to be supplied to commercial banks at the Bank of Korea's headquarters in Jung Distrcit, Seoul, Feb. 5. Joint Press Corps

Korea's tax revenue fell 8.5 trillion won ($5.75 billion) from a year earlier in the first 11 months of 2024 due to sluggish corporate earnings, data showed Tuesday.

The government collected 315.7 trillion won in taxes over the January-November period, down 2.6 percent from 324.2 trillion won over the same period last year, according to the data from the Ministry of Economy and Finance.

The overall decrease was led by falling corporate tax collection, which plunged 22.8 percent over the cited period to 60.2 trillion won.

In 2023, the operating profits of companies listed on the main bourse slumped 45 percent on-year, while those of firms on the tech-heavy KOSDAQ market tumbled 39.8 percent.

Income tax collection edged up 1.3 percent to 109.2 trillion won over the cited period, reflecting an increase in the number of employed people and wage growth.

Value-added tax revenue rose 10.1 percent to 79.6 trillion won, backed by stronger domestic consumption, the data showed.

Customs tax revenue, however, declined 6.9 percent to 6.4 trillion won as the government lifted tariffs on certain products to stabilize inflation.

In November alone, South Korea's total tax revenue jumped 16.5 percent on-year to 22.2 trillion won. (Yonhap)