(MENAFN) South Korea's 2014 tax revenue is projected to fall short of the government's earlier target amid a prolonged economic slowdown, the parliamentary budget office showed, QNA reported.
The National Assembly Budget Office showed that the gap between the government's goal an actual tax revenue is expected to be between USD10.6 billion to USD11.48 billion, compared with USD7.68 billion tallied for last year. In 2012, the difference stood at USD2.53 billion, local media showed.
South Korea is expected to log a tax revenue shortage for the third straight year. Seoul is widely expected to post another shortfall next year as well, given the protracted economic slowdown.
The bleak outlook mainly comes as the South Korean economy is decreasing, beset by sluggish domestic demand and weakening corporate earnings.
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