South Korea's tax revenue declined during the first five months of the year.

According to the Finance Ministry on Tuesday, the government collected 139-point-five trillion won in taxes from January to May, down one-point-two trillion won from a year earlier. 

The tax revenue progress rate, or the actual rate of taxes collected relative to target revenue, came to 47-point-three percent in May, down five-point-one percentage points from a year earlier. 

In May alone, tax revenue declined 700 billion won on-year, posting 30-point-two trillion won.

The ministry explained the decline in tax revenue was due to a hike in the local consumption tax rate from eleven percent to 15 percent, which led to a drop in revenue from value added taxes.