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Korea had the 30th lowest tax wedge among the 35 OECD member countries in 2017. The country occupied the same position in 2016. The average single worker in Korea faced a tax wedge of 22.6% in 2017 compared with the OECD average of 35.9%.
These country profiles focus on countries' domestic legislation regarding key transfer pricing principles, including the arm's length principle, transfer pricing methods, comparability analysis, intangible property, intra-group services, cost contribution agreements, transfer pricing documentation, administrative approaches to avoiding and resolving disputes, safe harbours and other implementation measures.
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The tax-to-GDP ratio in Korea increased by 1.1 percentage points, from 25.2% in 2015 to 26.3% in 2016. The corresponding figures for the OECD average were an increase of 0.3 percentage points from 34.0% to 34.3% over the same period.
The fourth annual edition of Revenue Statistics in Asian Countries covers seven countries, including Kazakhstan for the first time. It shows that the tax-to-GDP ratio in all these countries are lower than the OECD average of 34.3% in 2015, which highlights that scope remains for increasing tax mobilisation, especially in Indonesia, Kazakhstan, Malaysia and the Philippines to achieve sustainable growth.
These country specific notes provide figures and commentary from the Taxation and Skills publication that examines how tax policy can encourage skills development in OECD countries.
In 2014, the tax-to-GDP ratios of Indonesia, Malaysia, the Philippines and Singapore were below 17% of GDP compared to Japan and Korea, which both recorded tax-to-GDP ratios above 24%,according to new data released in the third edition of the OECD’s annual publication Revenue Statistics in Asian Countries.
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This country note provides an environmental tax and carbon pricing profile for Korea. It shows environmentally related tax revenues, taxes on energy use and effective carbon rates.