Amid reduced corporate taxes, COVID-19 extra budgets, and rising expenditures, the South Korean government's deficit reached 100 trillion won in July.

According to the latest report from the Finance Ministry on Tuesday, total revenue from January to July was 280-point-four trillion won, down 13-point-five trillion won on-year. Total expenditures hit 356 trillion won, up 37-point-eight trillion won.

The government's fiscal balance, excluding the four state insurance funds, was 98-point-one trillion won in deficit, with that amount increasing by 50 trillion won on-year.

Revenue from taxation through July fell 20-point-eight trillion won on-year to 168-point-five trillion won, with corporate tax revenue dropping 13-point-six trillion won on-year to 30-point-eight trillion won, due largely to the lackluster earnings of local businesses.

Budget expenditures from January to July, meanwhile, surged 31-point-nine trillion won on-year to 255-point-nine trillion won.

National debt expanded 16-point-nine trillion won on-month as of the end of July to surpass 780 trillion won.