Korea will collect 59.1 trillion won ($44.5 billion) less in tax this year than initially estimated due to dwindling corporate profits and the downturn in financial markets. The Ministry of Finance and Economy said Monday this year's tax income will come at 341.4 trillion won, down 14.8 percent compared to the initial projection of 400.5 trillion won. The shortfall is attributed to falling tax revenues in the first six months as export-oriented Korean companies like Samsung Electronics and SK hynix took a hit from sluggish demand for chips and electronic devices.

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