South Korea collected 31.9 trillion won ($26.6 billion) in taxes in May, down 13.2 trillion won from a year earlier, the finance ministry said Tuesday.

Income tax revenue amounted to 7.8 trillion won in May, down 3.5 trillion won from a year earlier, according to the Ministry of Economy and Finance.

Dues collected from companies reached 4.4 trillion won in the month, down 10.8 trillion won from a year earlier.

Value-added tax revenue reached 2 trillion won in May, up 1 trillion won from a year ago, the data showed.

In the first five months of the year, South Korea collected 118.2 trillion won in taxes, down 21.3 trillion won.

South Korea's total expenditures in May reached 49.8 trillion won, up 11.5 trillion won from a year earlier. (Yonhap)