South Korea collected 8 trillion won ($7.5 billion) less in tax revenue than its earlier forecast for last year, raising concerns that there may not be sufficient funds to meet expanded welfare programs, government sources said Monday.

“Given the preliminary tax revenue data, the overall tax revenue shortfalls are expected to reach about 8 trillion won,” a high ranking government official said on condition of anonymity.

“It would be fair to say that the shortfalls could be in the lower end of the 8 trillion won range.”

The government earlier expected to collect 210.4 trillion won last year, revised down from 216.4 trillion won it forecast when preparing the budget for 2013. Based on the forecast, the government is likely to have collected about 202 trillion won.

The amount is in line with what the government has estimated. Finance Minister Hyun Oh-seok earlier told lawmakers that the shortfall could reach 7 trillion won-8 trillion won.

This marks a decline in tax revenue from 2012 when the government collected 203 trillion won. (Yonhap News)