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Dwindling tax revenue

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Government should reduce non-essential spending

The government's collection of income from taxes has turned sluggish this year. Revenue in the first five months of 2019 stood at 139.5 trillion won ($118.2 billion), down 1.2 trillion won from a year ago. The national tax income increased in January year-on-year but decreased over the next four months. Despite the dwindling revenue, budget spending has increased sharply, widening the fiscal deficit.

Tax revenue was brisk from 2016 to 2018. The National Tax Service collected 68.2 trillion won more than it initially targeted........

© The Korea Times