South Korea's tax revenue decreased by nearly seven trillion won during the first ten months of the year, while expenditures rose by over 50 trillion won.

According to a latest report by the Finance Ministry on Tuesday, tax revenue grew six-point-eight trillion won on-year to 39-point-one trillion won in October, due largely to a rise in income tax revenue.

The cumulative revenue between January and October, however, declined six-point-seven trillion won on-year to 253-trillion-eight trillion won, reflecting the 16-point-one-trillion-won reduction in corporate taxes.

Spending in October expanded two-point-one trillion won to 33-point-seven trillion won, mostly because of the government's COVID-19 relief payments.

Expenditures for the January to October period grew 50-point-nine trillion won to 468-point-five trillion won.

Although expenditures rose in October, the increased tax revenue for the month helped place the consolidated budget balance in the black at 21-point-five trillion won. The balance for the first ten months, however, posted a deficit of 59 trillion won.

As of end-October, the government debt rose to a record 812-point-nine trillion won, up 12-point-six trillion won from the previous month.