South Korea's tax revenue dropped by 8.8 trillion won ($6.59 billion) in the first seven months of 2024 compared to the previous year, primarily due to lackluster corporate earnings. The government collected 208.8 trillion won in taxes during this period, marking a 4 percent decrease from the same period in the previous year. However, in July alone, the country's total tax revenue increased by 1.2 trillion won from the previous year, reaching 40.3 trillion won, driven by higher consumption and imports. Corporate tax collection saw a significant dip of 31.9 percent to 33 trillion won over the January-July period, attributed to weak earnings by local businesses in 2023. Despite the overall decline in tax revenue, there were some positive trends. The amount of income tax collected increased by 0.2 percent to 68.1 trillion won, reflecting an increase in the number of employed people and wage hikes. Additionally, the value-added tax collection rose by 10.8 percent to 62.9 trillion won, indicating improved consumption. However, tax collection from securities transactions decreased by 11.1 percent to 3.1 trillion won, despite an increase in trade volumes as the government lowered the tax rate. Overall, the country's total revenue fell by 77 trillion won in the previous year to 497 trillion won, largely due to poor corporate performance and a property market slump.