Fiscal deficit stretched to a new record - high of 56 . 6 trillion won ( $ 47 billion ) as of April this year as the South Korean government spending to fight COVID - 19 ballooned whereas more than $ 7 billion less tax was collected . According to data released by the Ministry of Economy and Finance , the government collected 100 . 7 trillion won in taxes in the January - April period , down 8 . 7 trillion won ( $ 7 . 3 billion ) from the same period a year ago . Tax collection rate reached 34 . 6 percent of annual target , down 2 . 7 percentage point during the same period . In April , the government collected 31 . 2 trillion won in taxes , down 0 . 2 trillion won from a year ago . The amount of income tax was 6 . 6 trillion won , up 1 trillion won , and corporate tax 6 . 4 trillion won , up 3 . 7 trillion won . In March , the government had collected 6 trillion won less in corporate taxes . In April , however , the amount of corporate taxes increased as installment payment of reported taxes for March was added one month earlier as to last year . In the January - April period , the government collected 21 . 7 trillion won in corporate taxes . Tax collection rate was 33 . 7 percent . Income tax , meanwhile , increased in April as transfer income tax gained 700 billion won from a year ago amid a surge in real estate transactions . In the January - April period , income tax reached 28 . 8 trillion won and tax collection rate 32 . 6 percent . Revenue from value - added tax reached 14 . 5 trillion won in April , down 2 . 6 trillion won from a year ago . The government extended value - added tax payment period amid coronavirus outbreak . In the January - April period , the government collected 29 . 5 trillion won in value - added tax . Total expenditures , meanwhile , increased 13 trillion won to 209 . 7 trillion won in the January - April period . Its consolidated fiscal account posted a deficit of 43 . 3 trillion won . The deficit narrowed from 45 . 3 trillion won in the January - March period . Korea ’ s operational budget balance – which excludes four social security - related funds from consolidated balance – showed the largest deficit of 56 . 6 trillion won in the January - April period since the government began compiling related data in 2011 . In the January - March period , the deficit reached 55 . 3 trillion won . As of end of April , central government debt reached 746 . 3 trillion won , up 14 . 7 trillion won from the end of March . It is the largest monthly increase since 2014 as new debts were created to fund supplementary budgets . Of 307 . 8 trillion won budget set aside for projects led by the government and public institutions for early execution this year , a total 137 . 7 trillion won or 44 . 7 percent of total has been spent by the end of April . [ ⓒ Maeil Business Newspaper & mk . co . kr , All rights reserved ]