Government data this week showed Korea’s tax collection continuing to fall below target this year amid a prolonged economic slump.

In the first eight months of this year, the government collected 136.6 trillion won ($129.3 billion) in national taxes, down 300 billion won from a year earlier, according to the data released by the Finance Ministry. The amount represented 63.1 percent of what the tax authority aims to collect throughout the year. The ratio is 4.7 percentage points lower than the 67.8 percent tallied the year before.

During the January-August period, the government’s gross revenue amounted to 230.8 trillion won, falling far short of its total expenditure at 240.8 trillion won. Financial experts forecast the yearly revenue deficit will grow from 8.5 trillion won last year to 10 trillion won this year, with the economic upturn held back by sluggish domestic consumption and slowing exports.

The growing revenue shortfall is deepening concerns that it will be next to impossible to finance expanded welfare programs promised by President Park Geun-hye during her 2012 election campaign and various measures needed to improve the safety system across the country.

Under the budget bill for next year, which was proposed in September, the government plans to spend 376 trillion won, up 5.7 percent from this year, with the largest portion, 30.7 percent, earmarked for funding health and welfare benefits. Expenditures on public safety are also set to increase by 7.1 percent to 16.9 trillion won to prevent accidents such as the Sewol ferry disaster in April, which claimed more than 300 lives.

Budget planners expect total state revenues to reach 382.7 trillion won next year, up 3.6 percent from this year, including 221.5 trillion won in tax revenue. This forecast rate of increase, which was revised down from an initially targeted 6.2 percent, may still prove too optimistic, given the uncertain economic outlook.

Citing downward risks at home and abroad, the Bank of Korea this month cut its growth forecast for this year to 3.5 percent from 3.8 percent. Continuous economic slowdown would dampen financial officials’ hope that tax revenues will grow in step with the reinvigoration of the economy.

Under these circumstances, it is natural that the need for hiking tax rates has been raised. Advocates for tax increase note that three consecutive years of revenue shortfall suggests the problem has become chronic and structural. As they argue, the country seems to have room to collect more taxes, considering its tax-to-gross domestic product ratio stands at 18 percent, compared with the average 25 percent for the 34 member states of the Organization for Economic Cooperation and Development.

Park’s administration, however, has remained cautious about raising tax rates. This stance may be understandable as a tax increase would further hamper economic recovery.

Conceding hiking tax rates is not an immediate option at hand, the government needs to make more effective and serious efforts to fill the widening revenue deficit.

It is desirable to cut or eliminate overdue tax benefits for larger businesses. For instance, the scheme of offering tax breaks for corporate investment deemed to help create new jobs should already have been discarded.

The government should also strengthen efforts to regulate the underground economy and crack down on tax evasion. Reducing wasteful expenditures by both central and regional governments is also essential for meeting fiscal demand without increasing the burden on taxpayers.

It may be necessary to consider raising corporate tax rates if the revenue deficit is still not to be filled. Only when all these measures are exhausted will the government be positioned to persuade middle-income earners to pay more taxes.