South Korea's tax revenue declined for the second consecutive year for the first time ever in 2020 due to the COVID-19 pandemic. 

According to the Finance Ministry on Tuesday, the government collected a total of 285-and-a-half trillion won in taxes last year, down seven-point-nine trillion won from 2019.

In 2019, the nation’s tax revenue saw a drop of some 116 billion won compared to the previous year.  

The latest drop came after corporate tax earnings fell 16-point-seven trillion won, demonstrating that business performance had deteriorated due to the pandemic.

Meanwhile, taxes related to real estate or the stock market, including transfer income taxes, saw sharp growth in revenues. 

Due to that growth, the government collected five-point-eight trillion won more in taxes than it initially projected last June when it drew up the third supplementary budget.