Seoul’s local tax revenue falls by 4.3 percent

Seoul City’s local tax revenue decreased 4.3 percent on year to 5.3 trillion won ($4.75 billion) in the first half of the year due to an economic slowdown, officials said Wednesday.

Its tax intake reached 42 percent of the original goal for the whole year.

Income tax collection dropped by 180 billion won from the same period last year, mainly due to the reduction in corporate tax.

Real estate acquisition tax revenue also decreased by 100 billion won to 1.2 trillion won due to the tax breaks aimed at boosting the property market.

The central government plans to provide 300 billion won to make up exempted acquisition taxes this year.

(rene@heraldcorp.com)