Tax policy analysis

Revenue Statistics country note for Korea

 

Tax to GDP ratios

Korea is in the lower rank of OECD countries in respect of size of tax to GDP ratio with a ratio of 25.9% of GDP in 2010, 8 percentage points below the OECD measure of 34.1%. The ratio rose from 22.6% in 2000 to 26.5% in 2007 and 2008 before falling back to 25.1% in 2010. There was an increase to 26.8% of GDP by 2012.

Tax structures

The main observations for Korea are:

  • Revenue from personal and corporate income taxes was 6.5% of GDP in 2000 and 8.0% in 2012. The 2011 figure of 7.1% was well below the OECD average of 11.4%.
  • The tax ratio for Social security contributions rose from 3.8% in 2000 to 6.1% in 2011, well below the OECD average of 9.5%.
  • The tax ratio for Taxes on goods and services was stable at 8-9% of GDP over the period and at 8.1% in 2011 was below the OECD average of 11.0%.
  • Property tax revenues were 3.0% of GDP in 2011, more than 60% above the OECD average of 1.8%.

Notes

 

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