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The tax burden in Korea increased by 0.3 percentage points from 24.3% to 24.6% in 2014. The corresponding figures for the OECD average were an increase of 0.2 percentage points from 34.2% to 34.4%.
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Korea has the 5th lowest tax wedge among the 34 OECD member countries. The average single worker in Korea faced a tax wedge of 21.5% in 2014 compared with the OECD average of 36.0%.
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The VAT revenues in Korea accounted for 17.2% of total tax revenue in 2012, below the OECD average of 19.5%.
The Global Forum on Transparency and Exchange of Information for Tax Purposes has just completed peer reviews of 11 jurisdictions. This brings to 70 the number of peer review reports completed since March 2010.
This report summarises the legal and regulatory framework for transparency and exchange of information for tax purposes in the Republic of Korea .
OECD countries acknowledge that taxes must play a role in the process of fiscal consolidation as they battle unprecedented budget deficits. In 2010, the majority of OECD governments have stabilised their tax to GDP, with the average ratio moving up slightly from 33.8% in 2009 to 33.9% in 2010.
Korea’s health-care system has contributed to the marked improvement in health conditions, while limiting spending to one of the lowest levels in the OECD through high patient co-payments and limited coverage of public health insurance.
Korea has one of the lowest tax burdens in the OECD area, reflecting its small public sector. However, rapid population ageing will put upward pressure on government spending.