SEOUL, Feb. 13 (Xinhua) -- South Korea's tax revenue fell for the second straight year due to higher corporate tax benefits, government data showed Thursday.

Tax revenue declined by 7.5 trillion won (5.2 billion U.S. dollars) over the year to 336.5 trillion won (231.5 billion dollars) in 2024, after diving 51.9 trillion won (35.7 billion dollars) in the previous year, according to the Ministry of Economy and Finance.

Corporate tax collection dipped 17.9 trillion won (12.3 billion dollars) on the increased tax benefits for big companies and sluggish corporate earnings.

Income tax revenue mounted 1.6 trillion won (1.1 billion dollars), and value-added tax revenue expanded 8.5 trillion won (5.8 billion dollars) last year.

Aggregate revenue, including tax and non-tax revenues, totaled 542 trillion won (372.9 billion dollars) in the January-November period last year, up 12.8 trillion won (8.8 billion dollars) from a year earlier on higher state fund revenue.

Total expenditure swelled 21.5 trillion won (14.8 billion dollars) to 570.1 trillion won (392.2 billion dollars) in the 11-month period.

The managed fiscal balance, excluding the social security fund, recorded a deficit of 81.3 trillion won (55.9 billion dollars) in the first 11 months of 2024.

The central government's debt ran to 1,160.3 trillion won (798.3 billion dollars) at the end of November last year, up 4.1 trillion won (2.8 billion dollars) from a month earlier. Enditem

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